Blue Ant Media Announces Plans for a Reverse IPO to Join the Toronto Stock Exchange
In a strategic move, indie production studio Blue Ant Media, renowned for producing unscripted shows such as *Canada’s Drag Race* and *Northwoods Survival*, has revealed intentions to undertake a reverse initial public offering (IPO). This significant shift will allow Blue Ant to trade on the Toronto Stock Exchange by acquiring an array of assets from Boat Rocker Media Inc.
Details of the Reverse Takeover
Blue Ant Media, a private entity led by former Alliance Atlantis head Michael McMillan, will transition to a publicly traded company through a reverse takeover involving Insight Productions, Jam Filled Entertainment, and Proper Television, all sourced from Boat Rocker Media. As part of the arrangement, Boat Rocker will acquire all outstanding shares of Blue Ant at a notable price of CAD 2.25 each, representing a 125% premium over the March 21 closing price of Boat Rocker stock.
Shareholder Structure Post-Transaction
Upon successful completion of this transaction, Blue Ant Media Corp. shares will commence trading on the Toronto Stock Exchange. It is anticipated that Blue Ant shareholders will possess a dominant stake of 73.5% in the new media entity, whereas shareholders of Boat Rocker will maintain a 26.5% interest. Notably, Blue Ant reported a revenue of CAD 196 million (approximately USD 137 million) for its most recent fiscal year ending August 31, 2024, showcasing a 16% increase compared to the previous year, along with a net income of CAD 18 million (USD 12.5 million).
Leadership Changes and Future Directions
In conjunction with this transaction, co-founders Ivan Schneeberg and David Fortier, alongside CEO John Young, will initiate a management buyout to lead Boat Rocker Studios. This venture is poised to include noteworthy projects such as Netflix’s *Bet*, helmed by Simon Berry, and *The Ridge* for BBC Scotland and Sky New Zealand.
Following the reverse IPO, McMillan will assume the role of CEO for the newly established Blue Ant Media Corp., with Brad Martin designated as chairman. McMillan expressed optimism about this transformative moment, emphasizing that it will pave the way for sustainable long-term value creation. “We are confident that this transaction will unlock significant value for all shareholders. With our public listing, an enhanced balance sheet, and a robust net cash position post-transaction, we are strategically set for profitable global growth, both organically and through mergers and acquisitions,” he stated.
Background of Blue Ant Media
Before founding Blue Ant in 2011, McMillan sold Alliance Atlantis in 2007, which held a lucrative stake in the popular *CSI: Crime Scene Investigation* franchise, to CanWest Global Communications and Goldman Sachs Capital Partners for $2.3 billion.
Current Operations and Future Ventures
Presently, Blue Ant Media encompasses a diverse range of operations, including broadcast and streaming services, Blue Ant Studios—which specializes in unscripted and animated programming—and a Canadian cable TV channel division. Post-takeover, Insight Productions, Proper Television, and Jam Filled will function under the Blue Ant umbrella, while Boat Rocker’s scripted and animation segments will transition under the stewardship of its original leadership in a newly formed company to be named IDJCo, continuing under the Boat Rocker brand.
Looking Ahead: Market Potential
The anticipated transaction is projected to conclude by June 2025, contingent upon shareholder and regulatory approvals. “This acquisition of Boat Rocker Studios presents an exciting opportunity that enhances our strategic focus and flexibility to leverage emerging content creation, investment, and partnership opportunities in the global marketplace,” Schneeberg, Fortier, and Young articulated in a joint statement.