M&A / Property

BLUE ANT MEDIA COMPLETES ACQUISITION OF THUNDERBIRD ENTERTAINMENT

By The Northwire Desk — AI Analysis Jan 28, 2026 · 14:52 TBRD · 1.67 Thunderbird Entertainment Group Inc.

TBRD · Price

Blue Ant Media Corporation completed its previously announced acquisition of Thunderbird Entertainment by way of a plan of arrangement, issuing 5,857,979 subordinate voting shares and paying $40 million cash to Thunderbird shareholders.
The transaction is described as “strategic and accretive,” with Blue Ant targeting $7 million in synergies that are expected to improve operating efficiency and earnings power.
As a result of the closing, Blue Ant now beneficially owns 100% of Thunderbird’s issued and outstanding shares; Thunderbird will be delisted from the TSX Venture Exchange (≈ Jan 30 2026) and cease reporting obligations.

Consideration:
5,857,979 subordinate voting Blue Ant shares + $40 M cash.
Each Thunderbird share entitled to 0.2165 Blue Ant shares and/or $1.77 cash (subject to rounding/proration).
Approximately 56% of requested cash consideration will be paid in cash; the remainder as Blue Ant shares.
Shareholder Actions:
Thunderbird shareholders must return signed transmittal letters and share certificates/DRS advice to Odyssey Trust Company to receive consideration.
Non‑registered shareholders will receive consideration via their brokerage accounts.
Board & Management Appointments (effective upon closing):
David Lazzarato appointed to Blue Ant’s board of directors.
Jennifer Twiner McCarron appointed President, Animation, Kids and Young Adult of Blue Ant Studios Inc.
Delisting & Reporting Changes:
Thunderbird shares expected to be delisted from TSX Venture Exchange on or about Jan 30 2026; quotation withdrawal from OTCQX to follow.
Thunderbird will apply to cease being a reporting issuer and terminate public reporting obligations.
Credit Facility Amendment:
Blue Ant amended and restated its credit facility with Bank of Montréal to reflect the acquisition.
Synergy Goal:
Blue Ant aims for $7 M in synergies, enhancing operating efficiency across combined businesses.
Advisors:
Legal: Bennett Jones LLP (Blue Ant), DLA Piper (Canada) LLP (Thunderbird).
Financial: Cormark Securities Inc. (Blue Ant), Canaccord Genuity Corp. (Thunderbird).

Michael MacMillan, CEO of Blue Ant: “We are pleased to close this significant acquisition which is both strategic and accretive… We are on track to meet our $7 million synergy goal…”
Jennifer Twiner McCarron, CEO & Chair of Thunderbird: “This transaction is a strategic step that strengthens our ability to grow and innovate… Together we gain the scale and resources to maximize our intellectual property…”

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