Indie studio Blue Ant Media has unveiled a deal to acquire Vancouver-based rival Thunderbird Entertainment Group as part of an CAN$89 million (US$63 million) cash and stock deal.
Thunderbird backs multiple projects filming in Vancouver for U.S. studios and streamers produced on a production fee-for-hire basis, while also making its own proprietary content. The company’s Atomic Cartoons division has been at work on Marvel’s Iron Man and his Awesome Friends and Marvel’s Spidey and His Amazing Friends for Disney Junior, and Dr. Seuss’s Red Fish, Blue Fish for Netflix.
The proposed takeover deal shakes up a Vancouver film and TV production sector where major studios and streamers are attracted by generous tax credits, currency savings and an expanding network of local soundstages and post-production facilities close to Los Angeles.
Thunderbird’s unscripted pipeline includes series like Timber Titans and Highway Thru Hell for USA Network. On the scripted side, Thunderbird is producing How to Lose a Popularity Contest for Tubi and Crew Girl for Netflix.
Atomic Cartoons specializes in animation, and Great Pacific Media has a focus on scripted and unscripted fare. “Thunderbird is a strong strategic fit and highly complementary to Blue Ant’s existing operations. Combining our businesses will add scale, create meaningful cost synergies, strengthen our earnings and cash flow profile and enhance our presence in the capital markets,” Michael MacMillan, Blue Ant’s CEO who recently took the media company public on the Toronto Stock Exchange, told analysts during a morning conference call on Wednesday.
No other bids for Thunderbird were received as Blue Ant negotiated directly with the Vancouver-based target company to hammer out the takeover deal, MacMillan added. Pending shareholder and regulatory approvals, the takeover transaction is expected to close in early 2026.
Current Thunderbird CEO Jennifer Twiner McCarron will join Blue Ant and oversee a combined kids, young adult and animation business under the Blue Ant Studios umbrella. MacMillan forecast annual cost synergies of CAN$7 million (US$5 million) to emerge from the takeover deal.
Thunderbird shareholders will receive $1.77 per-company share, either in cash or Blue Ant stock. Twiner McCarron on the analyst call argued combining the two companies “creates a stronger, more resilient and dynamic media company, poised to compete in an evolving industry.”
Like other Canadian indie producers with ties to the U.S. market, Thunderbird, which trades on the TSX Venture Exchange, has worked to increase the amount of projects it does where it holds the IP, against production services work for which it has no ownership. That Thunderbird IP will be folded into Blue Ant Studios as it looks to ramp up its own content production to feed into its Canadian and international broadcast and streaming platforms.
The sale of Thunderbird follows a late 2022 proxy fight with activist investor Voss Capital, which urged the sale of the Canadian producer to boost shareholder value. That led to Voss Capital analyst Taylor Henderson joining the Thunderbird boardroom, which has backed the deal with Blue Ant.
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