Thunderbird Entertainment’s board of directors is no longer actively seeking a sale of the company, according to the mediaco’s year-end financial results.

“After a thorough strategic review process … the board determined that remaining a standalone public company and executing on our strategic business plan is in the best interests of our stakeholders,” said Thunderbird CEO Jennifer Twiner McCarron in a statement, adding that the company is looking at an opportunity to “uplist to the Toronto Stock Exchange (TSX) to increase visibility and liquidity.”

Conversations around Thunderbird’s position as an acquisition target first began in November 2022 as part of a proxy battle between the company and minority shareholder Voss Capital.

As part of an agreement with Voss, Thunderbird brought on ACF Investment Bank to conduct a strategic review of the company. The 2023 review concluded that, while Thunderbird was a premium acquisitions asset, it was in the best interest of shareholders to wait on a sale. At the time, Twiner McCarron told investors that a potential sale was on the table in the 2024 calendar year.

“The board of directors is aligned in the decision to maintain Thunderbird as an independent, publicly traded company after considering all available strategic options,” said Taylor Henderson, a Thunderbird board member and an investment analyst at Voss Capital in the year-end results. “We believe remaining a standalone public company will lead to the best opportunity for significant mid- to long-term value creation.”

Henderson added that the board believes Thunderbird is “significantly undervalued,” and the company has “navigated challenging industry dynamics better than most.”

The company implemented a normal course issuer bid back on Dec. 1, 2023, to repurchase shares. The latest financial results said it has repurchased 591,400 common shares as of June 30, worth roughly $1.2 million at a price of $2.08 per share.

Thunderbird said it exceeded its fiscal 2024 guidance in its year-end results. While its revenue saw a 1% year-over-year decline at $166.7 million, it reported a 30% increase in adjusted EBITDA for the year, hitting $16.7 million compared to $12.8 million last fiscal.

The company said its cost-saving measures resulted in more than $3 million in reduced spend in the last fiscal year, and will continue to “seek out additional ways to increase efficiencies and realize savings throughout fiscal 2025,” without compromising on the quality of its productions. It also said it holds no corporate debt.

In its outlook for fiscal 2025, Thunderbird said it’s forecasting a 20% revenue growth and more than 10% adjusted EBITDA growth. It said the targets are “supported by a strong content pipeline, strategic investments and signs of a stabilizing market environment.”

Thunderbird had 24 titles in various stages of production as of June 30, including six of its owned-IP projects such as Atomic Cartoon’s Mermicorno: Starfall (pictured) and Great Pacific Media’s Deadman’s Curse.

Image courtesy of Thunderbird Entertainment