09:19 AM EDT, 04/01/2025 (MT Newswires) -- Boat Rocker Media ( BRMIF ) , an independent, integrated global entertainment company, on Tuesday reported a much wider fourth-quarter net loss due to significant pullbacks in spending across all genres by content buyers.

The company reported a net loss of $36.2 million for the three months ended Dec. 31, compared with a net loss of $3.1 million, a year earlier. Fourth-quarter revenue increased to $66.1 million compared with $58.9 million.

Total non-cash impairment charges in Q4 of $48 million included impairment in goodwill, investment in content in the Television segment and investment in the company's venture assets.

Boat Rocker Media ( BRMIF ) Chief Executive John Young noted the company's scripted production did not meet historical levels due to the effect of pullbacks in spending with buyers delaying development and production orders and industry players continuing to consolidate while cutting costs. The company took a write-down on its goodwill and investment in content assets.

"While we continue to believe that Boat Rocker's long-term strategy should generate shareholder value, the short-term continues to pose challenges. It is in this context that the company recently announced the proposed reverse takeover and management buyout transactions," added Young.

The company said that its board has unanimously approved the transaction, which would constitute a reverse takeover by Blue Ant of Boat Rocker and, immediately following closing of the deal, the resulting company will change its name to Blue Ant Media Corporation and the resulting issuer's shares will continue to be listed and trade on the TSX. Blue Ant's shareholders are expected to own about 73.5%, and BRMI's shareholders about 26.5%, respectively, of the resulting issuer's equity, pursuant to the deal.

The company added that in the event the transaction does not close, BRMI expects the continuing macroeconomic conditions to be significant factors in its 2025 results, which management expects to weaken as compared to 2024.

Shares of the company closed up 7.3% to $0.74 on Monday on the Toronto Stock Exchange.