Blue Ant Media Corp., a Toronto-based international streamer, production studio and rights business, posted a 65% increase in revenue but a loss of $6.8 million for its first quarter of fiscal 2026, which ended Nov. 30, 2025.
The company generated revenue of $80.5 million, compared with $48.7 million in the prior-year period, when it also posted net income of $1.2 million. Blue Ant attributes the loss to non-recurring items including a planned non-cash accounting loss related to the monetization of the vendor take-back promissory note issued to the company in connection with its RTO, and transaction and restructuring costs associated with acquisition activity. Q1 2026 adjusted EBITDA was $5 million, versus $6.4 million in the prior-year period.
During the quarter, Blue Ant acquired MagellanTV LLC, a U.S.-based, global factual streaming service, for $12 million. The company says integration of Magellan, as well as newly acquired production companies Insight Productions, Jam Filled Entertainment and Proper Television, is progressing as planned.
“Our Q1 results were in line with expectations and reflected the scale we have been building through disciplined execution of our growth strategy,” said Michael MacMillan, Blue Ant Media’s CEO.
He said the revenue growth came from “strong performance in our studio business and contributions from recent acquisitions,” while adjusted EBITDA and margins in the quarter “were impacted by planned, non-operational accounting items related to the RTO, while underlying operating performance remained solid. We also generated $5.2 million in operating cash, significantly reduced corporate debt, and exited the quarter with a strong balance sheet with access to more than $100 million of current and expected capital to support continued growth.
“Looking ahead, we expect to further accelerate growth and earnings power with the planned acquisition of Thunderbird Entertainment Group, which we expect to close in the first quarter of calendar 2026. With increased scale and significant financial flexibility, we are well positioned for the future.”
Also during the company, Blue Ant Media saw continued expansion of its FAST network, with multiple channel feeds launched across several platforms globally, including Roku, Samsung, Vizio, Pluto TV, LG and FireTV. The launches include five Magellan-branded channels, further expanding the company’s global advertising distribution. Blue Ant also launched its Love Nature pay-TV channel on Telia, the largest telecommunications company in the Nordic and Baltic regions.
On the content front, “Slaycation” season two premiered on Crave Dec. 12, while “Canada’s Drag Race” season six premiered on Crave Nov. 20, with a seventh season also greenlighted on that date.
Production continued on “The Great Canadian Baking Show” season nine (CBC) and season 10 was greenlighted.
Several other titles are in production, including “Extracted” season two (Fox), “Top Chef Canada” season eight (global), “Canada Shore” (Paramount+ Canada), and “The Loud House” season nine (Nickelodeon).
Major distribution sales in the quarter include “Matthew Perry: A Hollywood Tragedy” to over 50 territories, and “Mike Holmes: Building a Legacy” seasons one and two licensed to Warner Bros. Discovery for HGTV in the United States.
On Nov. 26, 2025, the company entered into a definitive arrangement agreement under which Blue Ant will acquire all of the issued and outstanding common shares of Thunderbird Entertainment Group Inc. Thunderbird is expected to hold its shareholder vote on the transaction on Jan. 22, and a final hearing order from the Supreme Court of British Columbia has been scheduled for Jan. 26.
Subscribe HERE to the FREE Media Play News Daily Newsletter!