The newly created Blue Ant Media Corporation (formerly Boat Rocker Media Inc.) announced last Friday the closing of its previously announced “go public” reverse takeover (RTO) transaction.
With the completion of the transaction, the subordinate voting shares of Blue Ant are expected to begin trading on the Toronto Stock Exchange under the new ticker symbol “BAMI” on or about Aug. 6 or 7, according to a Blue Ant press release. In the meantime, shares of Boat Rocker Media are expected to continue to trade on a pre-consolidation basis under the current “BRMI” ticker symbol.
“This is a transformative moment for Blue Ant Media,” Michael MacMillan, the company’s CEO, said in the press release. “As a newly public company, we are entering our next phase of growth as a modern, global media business. With a strong capital position, a proven content model and operations across key international markets, we’re well-positioned to scale in a rapidly evolving landscape. We’re proud to welcome our new shareholders as we execute our strategy to drive long-term value through IP ownership, platform reach and global distribution.”
As part of the RTO transaction, former shareholders of Blue Ant Media Inc. exchanged their shares for shares of the new Blue Ant Media Corporation, which resulted in a reverse takeover of the company. After the closing of the RTO, Blue Ant Media became a wholly owned subsidiary of Blue Ant Media Corporation, whose fiscal year end is now Aug. 31.
Prior to the closing of the RTO, the company completed a share capital reorganization, which included a consolidation of its shares on the basis of one post-consolidation share for 10 pre-consolidation shares and changed its name from Boat Rocker Media Inc. to Blue Ant Media Corporation.
Effective upon closing of the RTO, the board of directors of Blue Ant was reconstituted to consist of Brad Martin (board chair), Michael MacMillan, Robb Chase, Richard Wernham, Phyllis Yaffe, Kent Sobey, Lisa Knutson, Kevin Johnson, Lisa Hsia, Kathryn Houlden and Ellis Jacob. MacMillan is CEO and Chase is chief financial officer.
Under the RTO, Blue Ant Media Corporation is gaining Boat Rocker Media’s unscripted studios Insight Productions and Proper Television, and animation-focused studio Jam Filled Entertainment. Not included is Boat Rocker Studios.
Immediately prior to the closing of the RTO, Blue Ant Media Corporation completed the sale of the Boat Rocker Studios business to a privately owned company, IDJCo, controlled by Boat Rocker co-founders and co-executive chairmen David Fortier and Ivan Schneeberg, and Boat Rocker CEO John Young.
With the management buyout, Boat Rocker Studios becomes a privately held, independent studio that will continue to operate under its existing leadership team and brand, said a Boat Rocker Studios press release Friday. The newly private studio retains its scripted, unscripted and kids and family divisions along with its global distribution business, brand and franchise group, and creative partnerships arm, the release said.
“This exciting next chapter gives us the independence and flexibility to continue bringing compelling and entertaining stories to audiences around the world across all genres and platforms,” said Fortier, Schneeberg and Young, in a joint statement. “We’re energized by the opportunity ahead and grateful to our partners, creators, and teams for their continued belief in Boat Rocker.”
