TORONTO – Former Alliance Atlantis president and CEO Michael MacMillan is getting back into the industry he knows so well.
His company, Blue Ant Media, announced today it has entered into an agreement to acquire GlassBOX Television, which owns and operates digital specialty channels Aux TV, Bite TV and the recently acquired (for $10 million) Travel & Escape.
Blue Ant will initially purchase 29.9% of GlassBOX Television from both existing security holders and company treasury. In addition, an offer has been accepted for Blue Ant to purchase additional shares in GlassBOX from existing shareholders, which will result in a minimum ownership position of 75%. In keeping with standard regulatory policies on ownership thresholds, this will require CRTC approval.
Financial terms were not disclosed.
With this transaction, GlassBOX Television’s executive management will be restructured. “Michael MacMillan will assume the new position of executive chairman and will actively participate in GlassBOX Television’s strategic growth for its digital and broadcast properties,” reads the press release. Raja Khanna will become CEO and Jeffrey Elliott will take on the new position of president, and chief strategy officer.
"Michael MacMillan is internationally respected in our industry and we are delighted to have him take an active role in what we are building at GlassBOX. We are well positioned as an innovative independent media company and Michael’s involvement will allow us to accelerate our growth strategy," said Jeffrey Elliott and Raja Khanna in the release.
"GlassBOX Television is establishing its place as a developer of innovative cross platform channels in genres that resonate with today’s consumer," MacMillan. "Jeffrey and Raja have built a company poised for growth and I look forward to being part of it."
This transaction will also see Jay Switzer, the current chair of GlassBOX’s board of directors, stepping down. As Cartt.ca readers will recall, Switzer is working on his own company launch.
"it is an exciting time for our company and we would like to sincerely thank Jay for his support, guidance and relentless leadership,” said Khanna, who is pictured, at right, with MacMillan.
