Blue Ant buys MagellanTV for $12m in first deal after going public  

Canada’s Blue Ant Media has acquired documentary-focused streaming company MagellanTV in a deal valued at US$12m.

Michael MacMillan

The acquisition is the first significant transaction from Blue Ant since it went public on the Toronto Stock Exchange via a reverse takeover of Boat Rocker.

For Magellan, the deal comes seven years after it was founded by National Geographic, PBS and Discovery alums Greg Diefenbach and Thomas Lucas.

The company operates an SVoD service, as well as a portfolio of AVoD and free, ad-supported streaming television channels spanning genres including history, nature, science, space, and true crime. It has existing distribution partnerships with the Roku, Amazon, Apple, Samsung, LG, Comcast, Vizio, Pluto TV, and Google, MagellanTV and has a footprint in 13 countries.

With the transaction, Diefenbach will join Blue Ant as executive VP of streaming and oversee the direct-to-consumer and subscription video businesses, reporting to president of global channels and streaming Carlyn Staudt. Meanwhile, Lucas will exit following a several-month transition period.

Under the terms of the Magellan TV deal, Blue Ant will pay US$6m upfront and the remaining US$6m over a two-year period. The second US$6m payment will be made either in cash or subordinate voting shares of Blue Ant, said the Canadian company.

Blue Ant said the deal gives it increased scale in the streaming space and additional commissioning capacity while being a good strategic fit under its new growth objectives. In addition, Blue Ant already controls around 1,500 hours of relevant content that can be added to Magellan’s offering.

“This acquisition of MagellanTV increases Blue Ant’s scale and adds audiences and distribution capabilities that are highly complementary to our business,” said Blue Ant CEO Michael MacMillan.

“MagellanTV’s business model is primed for optimization within our global infrastructure, and we’re thrilled to welcome the talented team to Blue Ant.”

Diefenbach and Lucas added: “Joining Blue Ant creates new opportunities to scale MagellanTV’s platform, while contributing to Blue Ant’s expansion as a leading factual content provider. We look forward to working closely with the Blue Ant team to expand our offerings, unlock synergies, and connect with audiences around the globe.”