Blue Ant Media Goes Public in Reverse Takeover of Boat Rocker Media
Blue Ant Media’s Acquisition of Boat Rocker Media: A Strategic Move in the Media Industry
Blue Ant Media has made a significant announcement of acquiring Boat Rocker Media through a reverse takeover, bringing founder Michael MacMillan back to the public markets. This move marks a return to the public markets for MacMillan, who previously built Alliance Atlantis into a global powerhouse before selling it for CAD$2.3 billion in 2007.
The deal involves Toronto-based Blue Ant acquiring all outstanding shares of Boat Rocker Media in exchange for subordinate voting shares at an exchange ratio of 1.25 Boat Rocker shares for each Blue Ant share. This transaction values Boat Rocker shares at CAD$1.80 pre-consolidation, representing a 125% premium to Boat Rocker’s closing price on the Toronto Stock Exchange.
The resulting entity will be renamed Blue Ant Media Corporation and will inherit three significant Canadian production companies from Boat Rocker: Insight Productions, Jam Filled Entertainment, and Proper Television, which collectively generated approximately $82.4 million in revenue in 2024.
“This is an opportunistic moment for Blue Ant to go public, paving the way for long-term value creation,” said MacMillan. “We are confident that this transaction will unlock significant value for all shareholders and position us for profitable global growth.”
Blue Ant, with revenues of $136.8 million in its most recent fiscal year, has evolved significantly since its founding in 2011. The company now operates across various sectors including content creation, rights management, international distribution, streaming, broadcasting, consumer shows, and connected TV ad sales.
Following the transaction, Blue Ant shareholders are expected to own approximately 73.5% of the resulting company, with Boat Rocker shareholders holding the remaining 26.5%. MacMillan will maintain voting control of approximately 77.5% of the total votes through multiple voting shares.
The deal includes substantial financial assets, including cash balances, vendor takeback promissory notes, and a value assurance payment based on the 2025 performance of the acquired production companies. Boat Rocker’s management will also complete a buyout of the company’s studio business, excluding the three production companies being acquired by Blue Ant.
Fairfax Financial Holdings, a significant Blue Ant shareholder, has agreed to support a planned agency offering with a backstop commitment. The transaction positions Blue Ant to capitalize on market disruption affecting traditional media players, with a focus on global strategy and universally-loved unscripted genres.
MacMillan will step in as CEO of the resulting company, with Brad Martin appointed as chair of the board of directors. This acquisition marks a strategic move in the media industry, positioning Blue Ant Media as a key player in the evolving landscape of content creation and distribution.
