Blue Ant Media to Acquire Thunderbird Entertainment

Blue Ant Media has signed an agreement to acquire all of the issued and outstanding common shares of Thunderbird Entertainment.

The transaction is valued at around C$89 million ($63.2 million). Under the terms of the agreement, each Thunderbird shareholder will have the option to elect to receive, for each Thunderbird share, Blue Ant subordinate voting shares, C$1.77 ($0.71) in cash or a combination thereof.

Upon completion of the transaction—expected to close in the first quarter of 2026—existing Blue Ant and Thunderbird shareholders are expected to own approximately 79 percent and 21 percent of the pro forma company, respectively, assuming full cash proration. If no cash elections are made, existing Blue Ant and Thunderbird shareholders would own approximately 67 percent and 33 percent of the pro forma company, respectively.

“The acquisition of Thunderbird is anticipated to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance our earnings and cash flow,” said Michael MacMillan, Blue Ant’s CEO. “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, while improving operating efficiency across our combined businesses. We are thrilled to carry on the momentum we started with the RTO this summer.”

“This transaction brings Thunderbird into a larger, more diversified media group with stronger commissioning opportunities, global distribution, and greater emphasis on IP ownership and monetization,” said Jennifer Twiner McCarron, Thunderbird’s CEO and chair. “It creates a powerful platform for future growth, while also delivering compelling value for shareholders. We anticipate joining Blue Ant from a position of financial strength in fiscal 2026. As of today, productions representing approximately 76 percent of the revenue associated with Thunderbird’s current slate are approved and underway. Based on Thunderbird management’s current visibility, we expect full-year revenue growth in the mid- to high-single-digit range year-over-year. Thunderbird also anticipates a corresponding increase in adjusted EBITDA, with margins in line with the prior year.”

Twiner McCarron added, “We are excited to further strengthen our trajectory within a larger organization, and look forward to uniting the talent and capabilities of both teams as we move confidently into this next chapter of growth.”