Blue Ant Media announced it has entered into an agreement to acquire Canadian broadcaster High Fidelity HDTV and its four premium high definition channels - Oasis HD, eqhd, radX and HIFI HD. The transaction is pending CRTC approval. The Company will initially purchase 29.9% of shares in High Fidelity HDTV, with the remaining 70.1% closing subject to CRTC approval.
Blue Ant Media is a newly established independent media company led by media veteran Michael MacMillan. In addition to its controlling interest in GlassBOX Television, which operates Travel+Escape, Bite TV and AUX TV, Blue Ant Media owns a minority interest in Quarto Communications (Cottage Life, Outdoor Canada, Explore and Canadian Home Workshop).
Also being announced today, Torstar Corporation has invested in Blue Ant Media, taking a 25% ownership stake in the Company. In addition, Providence Equity Capital Markets has committed to providing additional financing to Blue Ant Media as part of the High Fidelity HDTV acquisition.
"We believe it's a great time to establish and grow a new kind of media company in Canada and our investments in High Fidelity and GlassBOX provide a robust and complementary offering for audiences," said Michael MacMillan, CEO, Blue Ant Media. "We are pleased Torstar Corporation sees the opportunity with our company. Their participation along with Providence will further boost the support of our properties."
High Fidelity HDTV and Blue Ant Media intend to swiftly submit an application to the CRTC for approval of the acquisition. CIBC World Markets Inc. and GMP Securities L.P. acted as financial advisors to Blue Ant Media.