Blue Ant Media is set to acquire Thunderbird Entertainment Group for approximately $89 million Canadian.
Blue Ant says the acquisition will bolster its production business with Thunderbird’s track record of handling major global brands like Spiderman, Star Wars, Highway Thru Hell, My Little Pony and Cocomelon. The acquisition is also expected to significantly expand Blue Ant’s Studio business by adding production capacity in unscripted, animation, and kids and young adult, in addition to expanding distribution opportunities and new licensing, merchandising and consumer products capabilities.
The agreement will see Blue Ant acquire all issued and outstanding common shares of Vancouver-headquartered Thunderbird, with each Thunderbird shareholder able to exercise the option to gain 0.2165 Blue Ant subordinate voting shares or $1.77 in cash in exchange for each Thunderbird share.
Blue Ant says the transaction is expected to deliver immediate financial benefits, improving earnings and cash flow, with expected cost synergies of $7 million in the first year.
“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 Blue Ant CEO Michael MacMillan, in a release. “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 [reverse takeover] 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. It creates a powerful platform for future growth, while also delivering compelling value for shareholders,” added Thunderbird CEO and Chair Jennifer Twiner McCarron. “We anticipate joining Blue Ant from a position of financial strength in fiscal 2026. As of today, productions representing approximately 76% 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.”
“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,” she continued.
The transaction is expected to close in the first quarter of 2026, subject to conditions including approvals from the courts, Competition Bureau of Canada, Toronto Stock Exchange (TSX), and Thunderbird shareholders.
Upon close, Twiner McCarron, will join Blue Ant to oversee a combined kids, young adult and animation business under Blue Ant Studios, and one independent Canadian Thunderbird director will be added to Blue Ant’s board of directors. Blue Ant’s corporate management team, including MacMillan as CEO, will remain unchanged.
