09:03 AM EDT, 03/24/2025 (MT Newswires) -- Boat Rocker Media ( BRMIF ) on Monday agreed to be acquired by closely held Blue Ant Media in a reverse takeover and will sell its Boat Rocker Studios business to Ivan Schneeberg and David Fortier, the co-executive board chairs, and Chief Executive John Young.

Boat Rocker will pay 1.25 of its shares for every Blue Ant share. Blue Ant said the sale price implies a value of $1.80 per Boat Rocker share, a 125% premium to Friday's closing price on the Toronto Stock Exchange. On closing, Blue Ant will consolidate the shares on a one-for-10 basis and change the company's name to Blue Ant Media.

Blue Ant will also look to raise an undisclosed amount through a best-efforts offering of subscription receipts, backed by a $20 million commitment from Fairfax Financial Holdings ( FRFHF ) . Blue Ant chair Michael MacMillan will control 78% of the combined company.

"This is an opportunistic moment for Blue Ant to go public, paving the way for long-term value creation. We are confident that this transaction will unlock significant value for all shareholders. Through the combination of our public listing, a strengthened balance sheet, and significant net cash post-transaction, we believe that we are strategically positioned for profitable global growth, both organically and through M&A," MacMillan said in a release.

Blue Ant said the reverse takeover will give it control of three Canadian production companies -- Insight Productions, Jam Filled Entertainment and Proper Television -- that together had 2024 revenue of $118 million. Blue Ant had $196 million in revenue and $18 million of net income in its fiscal year ended Aug. 31, 2024.

Blue Ant will divest Boat Rocker's content investment business, all current projects, all library titles, and the company's fully integrated production, distribution, and brand assets and operation to a management group. The management group will continue to operate under the Boat Rocker Studios name.

Boat Rocker shares closed down $0.03 to $0.80 Friday on the Toronto Stock Exchange.