Michael MacMillan’s Blue Ant Media to buy High Fidelity HDTV

Canadian publisher Torstar Corp. is also taking a 25% stake in Blue Ant Media for $22.7 million after it completes the High Fidelity HDTV transaction.
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Michael MacMillan is stepping up his return to broadcasting with his Blue Ant Media shingle acquiring Canadian broadcaster High Fidelity HDTV.

Also today, the former Alliance Atlantis Communications topper saw Torstar Corp. take a 25% stake in Blue Ant Media at a cost of $22.7 million.

Providence Equity Capital Markets has committed to providing additional financing to Blue Ant Media as part of the acquisition.

MacMillan earlier this year acquired a controlling interest in cross-platform broadcaster GlassBOX Television.

The deal for High Fidelity HDTV gives MacMillan four premium high definition channels – Oasis HD, eqhd, radX and HIFI HD, subject to CRTC approval.

Blue Ant Media is not disclosing the terms of its deal for High Fidelity HDTV until it completes its application for a transfer of ownership with the CRTC.

Blue Ant Media will initially buy 29.9% of shares in High Fidelity HDTV, with the remaining 70.1% of shares to be acquired on the deal’s closing.

The media holding company also owns a minority stake in Quarto Communications, a magazine publisher.

Torstar Corporation is taking the minority stake in Blue Ant Media after cashing out of an investment in CTVglobemedia.

“We believe it’s a great time to establish and grow a new kind of media company in Canada and our investments in High Fidelity and GlassBOX provide a robust and complementary offering for audiences,” MacMillan, CEO of Blue Ant Media, said in a statement.

“We are pleased Torstar Corporation sees the opportunity with our company. Their participation along with Providence will further boost the support of our properties,” he added.