Industry

Blue Ant Media has agreed to acquire Thunderbird Entertainment in a transaction valued at approximately $89 million ($65USD millon), paid in cash and shares at an implied price of $1.77 per Thunderbird share—a 28% premium to the 45-day VWAP. Thunderbird shareholders representing 37% have already committed to supporting the deal.

The combined company will significantly expand Blue Ant’s scale across production, distribution, IP creation, licensing, and consumer products. Thunderbird brings major service-production partnerships with studios such as Disney, Netflix, Marvel, and Warner Bros., as well as expertise in animation, kids, and YA content. The deal also boosts Blue Ant’s public float and capital markets profile.

“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 Michael MacMillan, Blue Ant’s Chief Executive Officer. “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 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,” said Jennifer Twiner McCarron, Thunderbird CEO and Chair. “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.”