Category: Canada

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March 24, 2025 04:31 PM Eastern Daylight Time

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Blue Ant Media, a privately owned company controlled by Michael MacMillan, has entered into a definitive agreement pursuant to which Blue Ant will go-public via a reverse take-over of Boat Rocker Media.

Blue Ant is a global media company with interconnected operations spanning content creation and acquisition, rights management, international distribution, streaming, broadcasting, consumer shows, and connected TV ad sales. The company was founded in 2011 by MacMillan, former Chair and CEO of Alliance Atlantis. Headquartered in Toronto, with a presence in Los Angeles, New York, Washington, London, Sydney, and Singapore, Blue Ant generated C$196 million in revenues in its most recent fiscal year ending August 31st 2024, a 16 per cent increase year-over-year, and generated C$18 million in net income.

Pursuant to the Transaction, BRMI will acquire all of the outstanding shares of Blue Ant in exchange for subordinate voting shares of BRMI on the basis of an exchange ratio of 1.25 shares subordinate voting shares of BRMI (prior to the share consolidation noted below) for each share of Blue Ant Based on a share price of C$2.25 per Blue Ant share and the Exchange Ratio, the implied consideration under the Transaction is C$1.80 per BRMI share (pre-consolidation), which is a 125 per cent premium to the March 21, 2025 closing price of BRMI’s shares on the Toronto Stock Exchange (“TSX”). At closing of the transaction, the subordinate voting shares of the company resulting from the RTO are expected to be consolidated on a 10:1 basis.

Immediately following closing the Resulting Issuer will be renamed Blue Ant Media Corporation and, subject to regulatory approval, the Resulting Issuer’s shares will continue to be listed and trade on the TSX.

On closing of the RTO, the Resulting Issuer will inherit from BRMI three Canadian production companies: Insight Productions, Jam Filled Entertainment, and Proper Television, which collectively delivered C$118 million in revenue (based on unaudited results) in calendar 2024.

MacMillan will be appointed CEO of the Resulting Issuer upon close, and Brad Martin, the current chair of Blue Ant, will be appointed Chair of the Board of Directors of the Resulting Issuer. As Blue Ant owns certain Canadian broadcasting assets, in order to maintain Canadian control over the Resulting Issuer, and consistent with his existing position in Blue Ant, MacMillan will have voting control of approximately 77.5 per cent of the total votes (assuming there is no additional equity offering) over the Resulting Issuer including via ownership of 100 per cent of the Resulting Issuer’s Multiple Voting Shares,

“This is an opportunistic moment for Blue Ant to go public, paving the way for long-term value creation,” said MacMillan, CEO of Blue Ant. “We are confident that this transaction will unlock significant value for all shareholders. Through the combination of our public listing, a strengthened balance sheet, and significant net cash post-transaction, we believe that we are strategically positioned for profitable global growth, both organically and through M&A.”

Corus Entertainment Inc.’s CJR-B-T secured debt holders have agreed to amend the maturity date and conditions for some of its debt, giving the media company more breathing room as it aims to restructure its balance sheet.

The radio and television company currently has about $1-billion in total debt, about $330-million of which is a credit agreement with a group of lenders.

According to a March 21 filing, lenders have amended the conditions of the company’s debt obligations, extending the maturity date of the debt by one year, to March, 2027. The company’s shares on the Toronto Stock Exchange closed at a price of 12 cents, up 21 per cent, on Monday.

The amendment also includes a number of other changes to the conditions of the debt, including the amount that Corus is able to carry relative to its cash flow. A higher ratio indicates a greater indebtedness relative to the company’s cash flow.

The March 21 amendment raised that ratio to $9.5 for every $1 in cash flow until the end of 2025, loosening the financial covenant and increasing Corus’s borrowing capacity.

The amendment also removes certain requirements for Corus to use its excess cash to repay advances.

Meanwhile, the administrator role has shifted to Computershare Trust Company of Canada, a Toronto-based financial services company, from the Royal Bank of Canada.

“This is an important and significant step in progressing our capital and debt plan,” said John Gossling, Corus’s co-chief executive officer and chief financial officer, in a release Friday.

“We are better positioned to create sustainability in our business, and we expect our efforts to right-size will be ongoing as we anticipate ongoing shifts and factors affecting our industry in the near term.”

Separately, Corus has $500-million in senior unsecured notes due in 2028, and a further $250-million due in 2030.

In January, bond rater S&P Global Ratings downgraded Corus’s credit rating on concerns the company would exhaust its liquidity over the next six to nine months.

In its 2024 financial year, the company earned $1.3-billion in revenue, with a net loss of $772-million and free cash flow of $114-million.

In its first quarter earnings call in January, Mr. Gossling told analysts that the company was continuing to pursue aggressive cost-cutting measures.

An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

What bankruptcy looks like

The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

Many will lose, some will win

The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.

Read more:
Sears Canada tarnishes the gold standard of pensions

Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller Hudson’s Bay store owners, including falling sales, defaults on mortgages and business failures.

That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

Priority of proceeds

When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

Disappointing, but not surprising

Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

Indie studio Blue Ant Media, producer of unscripted series like Canada’s Drag Race and Northwoods Survival, has unveiled plans for a reverse IPO to trade on the Toronto Stock Exchange by acquiring assets from Boat Rocker Media Inc.

Blue Ant, a private company controlled by former Alliance Atlantis head Michael McMillan, will go public via a reverse-takeover of Insight Productions, Jam Filled Entertainment and Proper Television picked up from Boat Rocker Media. As part of the deal, Boat Rocker Media will acquire all shares of Blue Ant, at a price of $2.25 each, or a 125 percent premium to the March 21 closing price of Boat Rocker Media stock.

After the completion of the transaction, shares in Blue Ant Media Corp. will trade on the TSO. As part of the transaction, Blue Ant shareholders are expected to own a 73.5 percent stake in the Toronto-based media company, with Boat Rocker Media shareholders retaining a 26.5 percent holding. Blue Ant said it generated CAN$196 million (US$137 million) in revenues in its most recent fiscal year ending August 31, 2024, up 16 percent from a year-earlier, and generated CAN$18 million (US$12.5 million) in net income.

As part of a separate transaction, the current leadership of Boat Rocker Media — co-founders and co-executive chairmen Ivan Schneeberg and David Fortier and CEO John Young — will acquire Boat Rocker Studios in a management buyout. Boat Rocker Studios has in the pipeline Netflix’s Bet, showrun by Simon Berry, and The Ridge for BBC Scotland and Sky New Zealand.

For Blue Ant Media Corp., McMillan will serve as CEO of the new publicly-listed company and Brad Martin will be chairman. “This is an opportunistic moment for Blue Ant to go public, paving the way for long-term value creation,” MacMillan said in a statement on Monday.

“We are confident that this transaction will unlock significant value for all shareholders. Through the combination of our public listing, a strengthened balance sheet, and significant net cash post-transaction, we believe that we are strategically positioned for profitable global growth, both organically and through M&A,” he added.

Before launching Blue Ant in 2011, McMillan in 2007 sold Alliance Atlantis, which at one time included a lucrative half-stake in the popular CSI: Crime Scene Investigation franchise, to a partnership of CanWest Global Communications and Goldman Sachs Capital Partners for $2.3 billion.

Blue Ant Media is currently mainly comprised of a broadcast and streaming channel business, Blue Ant Studios, a producer of mainly unscripted and animation programming with offices in Toronto, Los Angeles, New York, Miami and London, and a Canadian cable TV channel division.

Insight Productions and Proper Television, both producers of unscripted series, and animation-focused studio Jam Filled, will continue to operate under the Blue Ant corporate umbrella. Separately, Boat Rocker Media’s scripted, unscripted and kids and family TV studio, Boat Rocker Studios, and its distribution arm and brand and franchise management divisions will be acquired by Boat Rocker heads Schneeberg, Fortier and Young as part of a management buyout.

The proposed new company, called IDJCo, is expected to operate under the Boat Rocker name. The transaction is expected to close in June 2025, pending shareholder and regulatory approvals.

“We are excited about this opportunity to acquire Boat Rocker Studios and use the resulting enhanced strategic focus and flexibility to capitalize on the exciting content creation, investment and partnership opportunities we see in the global marketplace,” Schneeberg, Fortier and Young said in a joint statement.

MCAN employees have also taken an active role in tree planting events. In 2024, team members, including Misty Tarallo (pictured, left) and Duane Chanderbhan (pictured, right), participated in reforestation efforts at Wanita Park and Goldhawk Park, respectively, in Toronto. The City of Toronto held a tree planting event in May 2024, the news release noted.

“With MCAN’s commitment to giving back to the environment by planting trees, we are restoring Canadian forests, creating habitat for biodiversity, and making a positive social impact,” said Hannah E., director at One Tree Planted. “We are grateful for their support, which is a great example of how businesses can give back to the planet.”

Avish Buck, senior vice president and chief operating officer at MCAN Financial Group and president of MCAN Home, emphasized the company’s long-term vision: “Through our tree planting program, we are taking purposeful steps to make a positive environmental impact and foster sustainable growth across Canada. It’s about creating a better tomorrow for everyone—clients, brokers, communities, and our team.”

MCAN Financial Group, a publicly traded company on the Toronto Stock Exchange, specializes in investing in Canadian mortgages, construction financing, and real estate investments.

How can businesses further integrate environmental sustainability into their core practices? Share your thoughts in the comments below.

Blue Ant Media will acquire publicly traded Boat Rocker Media through a reverse takeover, bringing founder Michael MacMillan back to the public markets, the companies announced Monday.

The deal marks a return to the public markets for Blue Ant’s founder and CEO MacMillan, who previously built Alliance Atlantis into a global powerhouse before selling it for CAD$2.3 billion (approximately $1.6 billion) in 2007.

Under the agreement, Toronto-based Blue Ant will acquire 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. The transaction values Boat Rocker shares at CAD$1.80 (approximately $1.26) pre-consolidation, representing a 125% premium to Boat Rocker’s March 21 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 calendar year 2024.

“This is an opportunistic moment for Blue Ant to go public, paving the way for long-term value creation,” said MacMillan in a statement. “We are confident that this transaction will unlock significant value for all shareholders. Through the combination of our public listing, a strengthened balance sheet, and significant net cash post-transaction, we believe that we are strategically positioned for profitable global growth, both organically and through M&A.”

Blue Ant, which generated $136.8 million in revenues in its most recent fiscal year ending August 31, 2024 (a 16% increase year-over-year) and $12.6 million in net income, has evolved significantly since its founding in 2011. Headquartered in Toronto, the company maintains a global footprint with offices in Los Angeles, New York, Washington, London, Sydney, and Singapore. The company now operates across 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, consistent with Canadian broadcasting ownership requirements.

Boat Rocker Studios currently has a slate of projects across various genres, including dramas “Bet” for Netflix, “The Ridge” for BBC Scotland and Sky New Zealand, animated kids’ series “Dino Ranch: Island Explorers” for Warner Bros. Discovery and CBC, and premium factual series “Sneaker Wars: Adidas v. Puma” for Disney+. The studio is also behind recent series like “Invasion” and “Palm Royale” (Apple TV+), “Orphan Black: Echoes” (AMC), and “American Rust: Broken Justice” (Prime Video).

The deal includes substantial financial assets, including a minimum cash balance of $17.8 million, approximately $11.9 million in cash from the monetization of Boat Rocker’s ownership in The Initial Group, a $12.6 million vendor takeback promissory note related to the management buyout of certain Boat Rocker assets, and a value assurance payment of up to $24.2 million based on the 2025 performance of the acquired production companies.

Concurrent with the RTO, Boat Rocker’s co-founders and co-executive chairs Ivan Schneeberg and David Fortier along with CEO John Young will acquire the company’s studio business in a management buyout, expected to close in June 2025, pending shareholder and regulatory approvals.

“We are excited about this opportunity to acquire Boat Rocker Studios and use the resulting enhanced strategic focus and flexibility to capitalize on the exciting content creation, investment and partnership opportunities we see in the global marketplace,” said Schneeberg, Fortier, and Young in a statement. “We will be more agile than ever, allowing us to move faster and lean in closer to projects we believe in.”

The management buyout will include Boat Rocker Studio’s content investment business, all current projects, library titles, and the company’s integrated production, distribution, and brand assets across its global offices in Toronto, London, Los Angeles, New York, and Hong Kong. Also included is Boat Rocker’s interest in animated IP producer Industrial Brothers. The deal excludes the three production houses being acquired by Blue Ant.

Fairfax Financial Holdings, a significant Blue Ant shareholder, has agreed to support a planned agency offering with a $14 million backstop commitment. Cormark Securities and National Bank Financial will act as co-lead agents for the offering.

The transaction positions Blue Ant to capitalize on market disruption affecting traditional media players. With approximately 47% of Blue Ant’s fiscal 2024 revenues coming from international markets, up from 29% in 2020, the company is emphasizing its global strategy focusing on universally-loved unscripted genres like nature and wildlife, lifestyle, and history.

MacMillan will step in as CEO of the resulting company, with Brad Martin, Blue Ant’s current chair, appointed as chair of the board of directors.

Canada‘s Blue Ant Media will go public after completing a deal for listed compatriot Boat Rocker Media.

The agreement will see the Michael MacMillan-owned Blue Ant listing on the Toronto Stock Exchange through a reverse takeover of Boat Rocker, whose management is concurrently buying out its studios business.

Boat Rocker, which makes the likes of The Great Canadian Baking Show, is already listed on the TSX, and the agreement will see it acquiring all outstanding shares in Blue Ant in exchange for subordinate voting shares in the resulting business.

Once the deal closes, the company will be renamed Blue Ant Media Corporation and, subject to regulatory approval, begin trading on the TSX, with Blue Ant shareholders owning about 73.5% of the company and Boat Rocker shareholders taking the rest. MacMillan, who founded Blue Ant, will be the CEO, with Brad Martin the chairman.

The reverse takeover – in which a privately-owned company buys a listed one – allows the acquirer to list on the stock market without holding a traditional IPO. The deal, based on a share price of C$2.25 per Blue Ant share, is a 125% premium on Boat Rocker’s closing price on Friday.

Also part of the agreement, Blue Ant will inherit three Boat Rocker producers in Canada – Insight Productions, Jam Filled Entertainment, and Proper Television, which collectively delivered C$118M in revenue in 2024, based on unaudited results.

Boat Rocker’s other assets, including its Boat Rocker Studios business – comprising scripted, unscripted, kids and family production operations – are among other assets being divided though several transactions. Boat Rocker bosses Ivan Schneeberg, David Fortier and John Young have formed a new biz, IDJCo, to buy Boat Rocker Studios, and the brand management and franchise management operations. These will then be run by a new company operating under the Boat Rocker name.

The MBO team said the new look Boat Rocker Studios would be “well capitalized and operationally focused on content creation and IP management.” It will have offices in Toronto, London, LA, NYC and Hong Kong.

“We are excited about this opportunity to acquire Boat Rocker Studios and use the resulting enhanced strategic focus and flexibility to capitalize on the exciting content creation, investment and partnership opportunities we see in the global marketplace,” said Schneeberg, Fortier, and Young in a statement.

“We will be more agile than ever, allowing us to move faster and lean in closer to projects we believe in. We will be better positioned to invest in amazing content and better able to ensure that the projects we are part of achieve their fullest potential, both in terms of entertainment value and worldwide sales. We will continue to work tirelessly to be the best independent studio partner in the world.”

Blue Ant is headquartered in Toronto, and has offices Los Angeles, New York, Washington, London, Sydney, and Singapore. It generated C$196M in revenues in the fiscal year ending August 31, 2024, a 16% increase year-over-year, and made C$18M in net income.

The new-look Blue Ant will receive C$25.5M as a minimum cash balance and working capital, around $11.6M from The Initial Group’s ownership of Boat Rocker and several other financial guarantees.

Fairfax Financial Holdings, a Blue Ant shareholder, has agreed to support the offering through a C$20M backstop commitment, which would reduce the ownership stakes of Blue Ant and Boat Rocker shareholders if completed. It will also buy Boat Rocker’s minority interest in The Initial Group for around C$17M.

“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. Through the combination of our public listing, a strengthened balance sheet, and significant net cash post-transaction, we believe that we are strategically positioned for profitable global growth, both organically and through M&A.”