BOAT ROCKER COMPLETES PURCHASE OF OUTSTANDING MINORITY STAKE OF INSIGHT PRODUCTIONS LTD.
TORONTO, Dec. 31, 2024 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker") (TSX: BRMI), an independent, integrated global entertainment company, today announced that it has completed its purchase of the outstanding minority stake of Insight Productions Ltd. ("Insight Productions").
Pursuant to the Insight Productions unanimous shareholders agreement (the "USA"), Boat Rocker purchased the remaining 30% ownership interest from the minority shareholder of Insight Productions (the "Minority Shareholder") for the fair market value of the shares (the "Transaction"), namely $7.95 million CDN plus an amount equal to 30% of Insight Productions' excess working capital, including as the result of the receipt of future tax credit and other receivables. Boat Rocker will retain the benefit of 70% of such amounts. John Brunton, the majority owner of the Minority Shareholder, will continue to lead Insight Productions as Chairperson & Chief Executive Officer. Boat Rocker originally purchased its majority 70% ownership stake in Insight Productions in May 2018.
"Led by John Brunton and his incredible team, Insight Productions is an industry leading producer of some of the country's most popular format series and awards shows, including The JUNO Awards and The Amazing Race Canada," said John Young, Chief Executive Officer, Boat Rocker Media. "We're delighted to have completed the purchase of the remaining minority interest of Insight Productions that will allow Boat Rocker to continue to lean into high-profile service work, grow its stable of clients in Canada and the U.S., and produce premium content, while continuing to operate debt-free1 with a strong balance sheet."
"We're delighted that Boat Rocker has purchased the remaining minority interest in Insight Productions," said John Brunton, Chairperson & Chief Executive Officer, Insight Productions. "They've been a wonderful long-standing partner and we're looking forward to continue working alongside their team in this new capacity to produce award-winning content for global audiences."
This transaction completes Boat Rocker's purchase of the minority interest in Insight Productions that was announced on August 13, 2024.
About Insight Productions (A Boat Rocker Company)
Founded in 1979, Insight Productions is one of Canada's most established content producers, known for its award-winning ratings juggernauts and many of the country's biggest award shows & music specials. Headed by John Brunton, Insight Productions is an industry leader in the development, financing, and production of unscripted hit programming. A selection of Insight Productions' projects include: The Amazing Race Canada, Big Brother Canada, Top Chef Canada, Canada's Ultimate Challenge, Canada's New Year's Eve, The JUNO Awards, The Canadian Screen Awards, and Dark Side of the 2000s. In 2016, Insight Productions produced The Tragically Hip: A National Celebration for CBC, a live concert special seen by one in three Canadians. For more information, please visit www.insighttv.com.
About Boat Rocker
Boat Rocker (TSX: BRMI) is the home for creative visionaries. An independent, integrated global entertainment company, Boat Rocker's purpose is to tell stories and build iconic brands across all genres and mediums. With offices around the world, Boat Rocker's creative and commercial capabilities include Scripted, Unscripted, and Kids and Family television production, distribution, brand & franchise management, a world-class animation studio, and talent management through a minority stake in The Initial Group, a new company launched by TPG. A selection of Boat Rocker's projects include: Invasion (Apple TV+), Palm Royale (Apple TV+), Orphan Black: Echoes (AMC), American Rust: Broken Justice (Prime Video), Beacon 23 (MGM+), Pretty Baby: Brooke Shields (Hulu), Downey's Dream Cars (Max), BS High (HBO), Orphan Black (BBC AMERICA, CTV Sci-Fi Channel), Dear…(Apple TV+), Billie Eilish: The World's a Little Blurry (Apple TV+), The Next Step (BBC, Corus, CBC), Daniel Spellbound (Netflix), and Dino Ranch (Disney+, Disney Junior, CBC). For more information, please visit www.boatrocker.com.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Boat Rocker's current expectations regarding future events. Forward-looking information is based on a number of assumptions, many of which are beyond Boat Rocker's control. Such assumptions include, but are not limited to, the factors discussed under "Outlook" in Boat Rocker's annual MD&A dated March 28, 2024 and quarterly MD&A dated November [], 2024. Forward-looking information is also subject to a number of specific and general risks. A comprehensive summary of the risks and uncertainties that may affect the business of Boat Rocker is set out in Boat Rocker's Annual Information Form for the year ended December 31, 2023 and in Boat Rocker's annual MD&A dated March 28, 2024. The risks and uncertainties described therein are not the only ones Boat Rocker faces. Additional risks and uncertainties not presently known to Boat Rocker or that it currently believes to be immaterial may also materially adversely affect Boat Rocker's business, assets, liabilities, financial condition, results of operations, prospects, cash flows and the value and future trading price of the Subordinate Voting Shares. Boat Rocker does not undertake any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
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1 Boat Rocker currently has no corporate term debt, only interim production financing (including through two borrowing base facilities) in the ordinary course of operations. |
SOURCE Boat Rocker Media Inc.