UPDATE: Acquisition Complete: Blue Ant Media, a Canadian media conglomerate, announced on Friday that it has successfully completed its reverse acquisition of Boat Rocker Media.
The agreement, first revealed in March, will see Blue Ant, owned by Michael MacMillan, start its trading on the Toronto Stock Exchange under the new symbol “BAMI” next week. Previously identified as Blue Ant Media Inc, the company will now operate under the name Blue Ant Media Corp.
“We are thrilled to embark on this new journey which will enhance our autonomy and adaptability, enabling us to deliver captivating and diverse content to our global audience across various genres and platforms,” expressed Boat Rocker’s executives David Fortier, Ivan Schneeberg, and John Young in a unified statement. “We are invigorated by the future possibilities and thankful for the ongoing support from our partners, creators, and teams who believe in the vision of Boat Rocker.”
With this strategic move, Blue Ant, known for its international production, rights dealings, and channel operations, will acquire three Boat Rocker production companies in Canada: Insight Productions, Jam Filled Entertainment, and Proper Television. Meanwhile, Boat Rocker Studios’ operations in scripted, unscripted, children’s and family productions have been bought by its co-founders Schneeberg and Fortier, and CEO Young, who have established a new company to manage these ventures.
Following the closure of the deal, Schneeberg, Fortier, and Young have stepped down from their roles as officers and directors of the new entity. The board of directors for the new Blue Ant includes Brad Martin, CEO MacMillan, CFO Robb Chase, Richard Wernham, Phyllis Yaffe, Kent Sobey, Lisa Knutson, Kevin Johnson, Lisa Hsia, Kathryn Houlden, and Ellis Jacob.
“This marks a transformative era for Blue Ant Media,” stated MacMillan. “As we transition to a public entity, we are poised for further expansion as a leading modern global media company. Equipped with robust financial resources, a successful content strategy, and a presence in key international markets, we are well-prepared to scale operations in this dynamic media landscape. We look forward to engaging our new shareholders as we pursue our mission to enhance value through intellectual property ownership, extensive platform reach, and widespread distribution.”
Previously, on March 24: Blue Ant Media of Canada is set to become a publicly traded company following its reverse takeover of the already-listed Boat Rocker Media.
The transaction involves Blue Ant, led by Michael MacMillan, taking over Boat Rocker and listing on the Toronto Stock Exchange. Concurrently, Boat Rocker’s management will purchase its studio operations.
Boat Rocker, known for producing shows like The Great Canadian Baking Show, will acquire all outstanding Blue Ant shares in return for subordinate voting shares in the merged entity.
Upon completion, the company will be rebranded as Blue Ant Media Corporation and, pending regulatory approvals, will commence trading on the TSX. Blue Ant shareholders will own approximately 73.5% of the company, with the remainder held by Boat Rocker shareholders. MacMillan will serve as CEO, with Brad Martin as chairman.
This reverse takeover allows the acquiring private company to become publicly listed without undergoing a traditional IPO. The deal values Blue Ant shares at C$2.25 each, representing a 125% premium over Boat Rocker’s last closing price.
Additionally, Blue Ant will inherit three Boat Rocker production entities in Canada—Insight Productions, Jam Filled Entertainment, and Proper Television—which collectively generated C$118M in revenue in 2024, based on unaudited figures.
Boat Rocker’s other assets, including its studios business covering scripted, unscripted, and children’s productions, are part of the assets being separated in various transactions. Schneeberg, Fortier, and Young have established IDJCo to acquire these operations, continuing under the Boat Rocker brand, with a focus on content creation and intellectual property management. These operations are now strategically positioned in major cities including Toronto, London, Los Angeles, New York City, and Hong Kong.
“We are excited about acquiring Boat Rocker Studios and harnessing this enhanced strategic focus to tap into the lucrative content creation and partnership opportunities globally,” said Schneeberg, Fortier, and Young in their statement.
“We anticipate greater agility, allowing us to promptly engage with projects we believe in, invest in high-quality content, and maximize their global sales and entertainment potential. We are committed to being a leading independent studio partner globally.”
Blue Ant, based in Toronto with additional offices in major cities like Los Angeles, New York, Washington, London, Sydney, and Singapore, reported C$196M in revenues for the fiscal year ending August 31, 2024, a 16% increase from the previous year, and a net income of C$18M.
The revamped Blue Ant will secure a minimum of C$25.5M in cash balance and working capital, including about $11.6M from The Initial Group’s ownership of Boat Rocker and several other financial assurances.
Fairfax Financial Holdings, a shareholder in Blue Ant, has committed to a C$20M backstop agreement, which could alter the ownership proportions of Blue Ant and Boat Rocker shareholders if executed. It will also acquire Boat Rocker’s minority stake in The Initial Group for approximately C$17M.
“This is a strategic moment for Blue Ant to transition to a public company, setting the stage for sustained value creation,” MacMillan explained. “We are confident this merger will unlock substantial value for all shareholders. With our public listing, strengthened financial standing, and considerable net cash post-transaction, we are strategically positioned for profitable global expansion, both organically and through mergers and acquisitions.”
Daniel Hayes is a business journalist with a focus on market trends, startups, and corporate strategies.
His sharp analysis and investigative reports make complex financial topics accessible to all readers.
