Blue Ant Media has agreed to acquire Thunderbird Entertainment Group in a transaction valued at approximately $89 million, marking one of the most significant Canadian media consolidation moves of 2025. According to the companies’ joint announcement, the deal will expand Blue Ant’s financial scale, bolster its content operations, and deepen its global footprint across production, distribution, and rights management. The agreement follows Blue Ant’s reverse takeover of Boat Rocker Media completed in August 2025 and represents another step in its capital‑markets expansion strategy.
Under the Arrangement Agreement, Thunderbird shareholders will have the option to receive $1.77 in cash per share, 0.2165 Blue Ant subordinate voting shares, or a mix of both, subject to a maximum cash consideration of $40 million. The $1.77 valuation reflects a 28% premium to Thunderbird’s 45‑day VWAP and a 50% premium to its closing share price on November 25, 2025. Shareholders representing 37% of Thunderbird’s outstanding shares have signed voting support agreements in favour of the deal.
Blue Ant CEO Michael MacMillan said the acquisition is positioned to “add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance our earnings and cash flow.” He added that Thunderbird’s “world-class service work and proprietary content creation strengthens Blue Ant’s studio portfolio and fortifies our ability to develop, package, and monetize content across multiple platforms.”
Thunderbird CEO and Chair Jennifer Twiner McCarron said the transaction “creates a powerful platform for future growth, while also delivering compelling value for shareholders,” adding that Thunderbird expects to enter fiscal 2026 from “a position of financial strength.” She noted that productions accounting for approximately 76% of revenue in Thunderbird’s current slate are already approved and underway, supporting full‑year revenue growth in the mid‑ to high‑single‑digit range. “We are excited to further strengthen our trajectory within a larger organization,” she said.
Thunderbird reported fiscal 2025 revenue of $185.7 million, up from $165.3 million in 2024, with net income rising to $6.3 million from $2.4 million and Adjusted EBITDA increasing 10% year over year to $18.3 million. The company currently has 26 programs in production. Thunderbird brings substantial IP and service‑production capabilities, including work on franchise titles such as Spiderman, Star Wars, My Little Pony, Cocomelon, and Highway Thru Hell. Its divisions include Atomic Cartoons (animation) and Great Pacific Media (scripted and unscripted).
The acquisition is expected to be immediately accretive to Blue Ant’s earnings per share and cash flow. Blue Ant anticipates $7 million in cost synergies within the first 12 months and said the enlarged company will benefit from an expanded public float and improved trading liquidity. As of fiscal 2025 year‑end, Blue Ant reported revenue of $204 million, Adjusted EBITDA of $37.1 million, net income of $14.7 million, and total cash of $54.4 million. By March 2026, the company expects to receive an additional $48.3 million in cash connected to the earlier RTO transaction.
MacMillan thanked outgoing Thunderbird EVP APAC Augustus Dulgaro, saying he “has been an exceptional leader and world-class ambassador,” and added that McCarron will join Blue Ant’s senior team post‑transaction to oversee the combined kids, young adult, and animation division under Blue Ant Studios. One Thunderbird director will also join Blue Ant’s board.
Thunderbird shareholders will own approximately 21% of the pro forma company assuming full cash proration and up to 33% if all shareholders elect shares over cash. Thunderbird carries no corporate debt, and Blue Ant emphasized that the transaction will leave its balance sheet “strong and poised for future growth opportunities.”
The deal requires court approval, Competition Bureau clearance, TSX approval, and support from two‑thirds of voting Thunderbird shareholders. Canaccord Genuity provided a fairness opinion to Thunderbird, and Cormark Securities issued a fairness opinion to Blue Ant. The transaction is expected to close in the first quarter of 2026, after which Thunderbird will be delisted from the TSX Venture Exchange and the OTC markets.
The companies described the merger as a culturally aligned combination that enhances IP development, global rights monetization, and consumer‑products growth. “Our partnership unites two teams with shared values in people, diversity, and creativity,” said McCarron. Both companies will host a conference call to discuss the transaction and field investor questions.
Related News
