Blue Ant Media Corporation has announced its financial results for the three and six months ended February 28, 2026, highlighting a significant expansion of its revenue base alongside ongoing corporate restructuring and integration costs.
The company reported Q2 2026 revenue of $70.0 million, a substantial increase compared to the $38.4 million recorded in the prior year period. This growth was primarily driven by the production and distribution segment, reflecting the inclusion of assets from a reverse take-over (RTO) transaction completed in August 2025, alongside one month of operational activity from Thunderbird Entertainment Inc., which was acquired on January 28, 2026.
Despite the elevated top-line revenue, Blue Ant posted a net loss of $6.2 million for the quarter, compared to a net loss of $5.0 million in Q2 2025. The variance was attributed to $7.4 million in anticipated transaction, restructuring, and share-based compensation costs tied to recent acquisitions. Quarterly Adjusted EBITDA landed at $3.8 million, down 7% from $4.1 million in the comparative period, as margin capture was impacted by headwinds in the FAST and linear advertising markets, normal course shifts in delivery timings, and product mix.
Operationally, the company has completed a major structural overhaul of Blue Ant Studios, transitioning to a genre-based operating model organized around centers of expertise: Kids, Family and Young Adult (YA); Unscripted; and large-scale franchises under Insight Productions. As part of this streamlining strategy, legacy studio brands Thunderbird Entertainment, Great Pacific Media, and Proper Television have been officially sunset. The company reports it remains on track to achieve $7 million in synergies from the Thunderbird integration.
Segment performance varied across the company’s portfolio. Global Channels and Streaming revenue rose to $22.1 million, up from $17.4 million last year, with Adjusted EBITDA increasing 51% to $4.9 million due to strong performance from the Media Pulse ad sales business and subscription growth from Magellan’s SVOD service. Conversely, Canadian Media revenue declined to $10.5 million from $12.2 million due to ongoing challenges in the domestic linear ad market, though Adjusted EBITDA remained relatively flat due to cost management. The Production and Distribution division saw revenue surge to $37.4 million from $8.8 million last year, narrowing its Adjusted EBITDA loss to $0.1 million from $0.5 million in Q2 2025.
«Fiscal 2026 is a transformation year for Blue Ant as we position the Company for sustainable long-term growth,» said Michael MacMillan, Chief Executive Officer of Blue Ant. «Over the past several months, we have completed three strategic acquisitions, including Thunderbird Entertainment in Q2, more than doubling our revenue base and significantly expanding the scale of our studio and rights businesses.»
MacMillan noted that while near-term margins reflect integration costs and a softer advertising environment, financial results typically accelerate in the back half of the fiscal year. The company’s balance sheet showed a liquidity position of $50.7 million in cash against bank indebtedness of $41.7 million at the end of the quarter. Subsequent to February 28, Blue Ant received a full $34.7 million Value Assurance capital contribution from Fairfax Financial Holdings Limited, which was utilized to repay a significant portion of the corporate debt facility used to fund the Thunderbird acquisition.
