Blue Ant Media has agreed to acquire Thunderbird Entertainment for $89 million in cash and shares.

The companies announced that they have entered into a definitive agreement whereby Blue will pay $1.77 per share while also providing stock. If all goes according to plan, Blue Ant will own approximately 79% of the combined firm with Thunderbird controlling the remaining 21%.

Although both firms are based in Canada, they have large studio holdings in the U.S.

“The acquisition of Thunderbird is anticipated to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance our earnings and cash flow,” said Michael MacMillan, Blue Ant’s Chief Executive Officer. “Thunderbird’s world-class service work and proprietary content creation strengthens Blue Ant’s studio portfolio and fortifies our ability to develop, package, and monetize content across multiple platforms, while improving operating efficiency across our combined businesses.”

Blue Ant and Thunderbird said the deal is expected to deliver immediate financial benefits to their respective shareholders.

Toronto-based Blue Ant operates an international streaming-video, production and rights-management business. The company has studios in the Ontario capital, Los Angeles, New York, Miami, Singapore, London, Washington, Sydney, Halifax, and Ottawa.

Thunderbird is an award-winning global full-service multi-platform production, distribution and rights-management company specializing in animation. The firm has locations in Vancouver, where it is based, and L.A.

Pictured: Scene from Thunderbird-produced Reginald the Vampire

Photo: Courtesy of James Dittiger/SYFY