Blue Ant Media is ending 2011 on a high note… a High Fidelity HDTV note, to be specific.
Blue Ant, an independent media company led by Michael MacMillan, has entered an agreement to acquire High Fidelity HDTV. The deal is subject to approval from the Canadian Radio-television and Telecommunications Commission (CRTC).
High Fidelity HDTV has four premium HD channels: Oasis HD, radX, eqhd and HIFI HD. Its non-fiction content ranges from nature to culture to music.
To start, Blue Ant will purchase 29.9% of shares in High Fidelity HDTV. The remaining 70.1% will close based on CRTC approval. The two companies plan to submit an application to the CRTC for approval shortly.
Providence Equity Capital Markets has committed to provide additional financing to Blue Ant Media as part of the acquisition.
Blue Ant Media is a majority shareholder in GlassBox Television (which operates Travel+Escape, Aux TV and Bite TV) and owns a minority interest in Quarto Communications (which publishes CottageLife, Outdoor Canada and Explore).
Blue Ant also announced this week that Torstar Corporation is taking a 25% ownership stake in the media company. David Holland, CEO of Torstar Corporation, said in a release that Torstar views the investment as strategic and a way to further diversify its Canadian media asset base. “We see the potential in Michael’s vision for a new kind of media company in Canada,” said Holland.
