Boat Rocker has entered an agreement to purchase full ownership of Insight Productions.

The transaction, roughly valued at $7.5 million, will see Toronto-headquartered Boat Rocker acquire the outstanding 30% of ownership interest from Insight Productions. The news was disclosed as part of Boat Rocker’s Q2 2024 financial report.

The deal is subject to a unanimous shareholders agreement from Insight. It is expected to close within the next 30 to 180 days, after a determination of fair market value between the two parties.

Boat Rocker picked up a majority stake in Insight Productions in 2018.

The transaction comes less than two months after Global ended Insight-produced Big Brother Canada‘s run after 12 seasons. Other high-profile Insight series include CTV’s The Amazing Race Canada (pictured) and CBC’s Canada’s Ultimate Challenge.

Boat Rocker reported a 61% decrease in overall revenue for Q2, earning $47.5 million compared to $120.9 million in the prior Q2. The loss was attributed to a decline in production revenue from the U.S. strikes in 2023, as well as the timing of deliveries of premium scripted content in the previous Q2.

The company reported net income of $41.9 million, compared to a net loss of $5.8 million. The figure includes the gain of Boat Rocker’s sale of management company Untitled Entertainment.

Boat Rocker CEO John Young said the company “will be looking to more proactively manage our cost base in the back half of the year.”

Image courtesy of Bell Media