Boat Rocker agrees to buy remaining 30% of Insight Productions for $5.5m

Insight produces shows including The Amazing Race Canada

Toronto-based studio Boat Rocker has signed an agreement to acquire the 30% of unscripted production company Insight Productions that it did not already own for around C$7.5m (US$5.5m).

The deal, which the company announced as part of its second-quarter earnings report on Tuesday, comes six years after Boat Rocker acquired a majority stake in Insight, which produces shows including The Amazing Race Canada, Top Chef Canada and Canada’s Ultimate Challenge.

Boat Rocker said on Tuesday it expects the transaction to close within the next six months following a process to determine the fair market value of the 30% stake.

The initial deal in 2018 included a ‘put’ provision whereby Boat Rocker could elect or be required to purchase the remainder of Insight. According to a financial filing, the Insight Productions minority shareholders exercised the right to trigger the put deal term.

“Management believes that the carrying amount of the put option liability on [Boat Rocker’s] statement of financial position of C$7.5m at June 30, 2024 is a reasonable approximation of the fair market value of the non-controlling interest component,” said Boat Rocker.

Insight Productions, which is also based in Toronto, is among Canada’s largest and longest-running production companies. Founded over 50 years ago, it is led by chairperson, CEO and executive producer John Brunton.

For Boat Rocker, the acquisition comes on the heels of news that it sold its majority stake in US-based talent management firm Untitled Entertainment to TPG for around C$51.6m.