TORONTO, Dec. 31,
2024 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker")
(TSX: BRMI), an independent, integrated global entertainment
company, today announced that it has completed its purchase of the
outstanding minority stake of Insight Productions Ltd. ("Insight
Productions").
Pursuant to the Insight Productions unanimous shareholders
agreement (the "USA"), Boat
Rocker purchased the remaining 30% ownership interest from the
minority shareholder of Insight Productions (the "Minority
Shareholder") for the fair market value of the shares (the
"Transaction"), namely $7.95 million
CDN plus an amount equal to 30% of Insight Productions'
excess working capital, including as the result of the receipt of
future tax credit and other receivables. Boat Rocker will retain
the benefit of 70% of such amounts. John
Brunton, the majority owner of the Minority Shareholder,
will continue to lead Insight Productions as Chairperson &
Chief Executive Officer. Boat Rocker originally purchased its
majority 70% ownership stake in Insight Productions in May 2018.
"Led by John Brunton and his
incredible team, Insight Productions is an industry leading
producer of some of the country's most popular format series and
awards shows, including The JUNO Awards and The Amazing
Race Canada," said John Young,
Chief Executive Officer, Boat Rocker Media. "We're delighted to
have completed the purchase of the remaining minority interest of
Insight Productions that will allow Boat Rocker to continue to lean
into high-profile service work, grow its stable of clients in
Canada and the U.S., and produce
premium content, while continuing to operate debt-free1
with a strong balance sheet."
"We're delighted that Boat Rocker has purchased the remaining
minority interest in Insight Productions," said John Brunton, Chairperson & Chief Executive
Officer, Insight Productions. "They've been a wonderful
long-standing partner and we're looking forward to continue working
alongside their team in this new capacity to produce award-winning
content for global audiences."
This transaction completes Boat Rocker's purchase of the
minority interest in Insight Productions that was announced on
August 13, 2024.
About Insight Productions (A Boat Rocker Company)
Founded in 1979, Insight Productions is one of Canada's most established content producers,
known for its award-winning ratings juggernauts and many of the
country's biggest award shows & music specials. Headed by
John Brunton, Insight Productions is
an industry leader in the development, financing, and production of
unscripted hit programming. A selection of Insight
Productions' projects include: The Amazing Race Canada,
Big Brother Canada,
Top Chef Canada, Canada's Ultimate Challenge, Canada's New Year's Eve, The JUNO
Awards, The Canadian Screen Awards, and Dark
Side of the 2000s. In 2016, Insight Productions produced The
Tragically Hip: A National Celebration for
CBC, a live concert special seen by one in three Canadians. For
more information, please visit www.insighttv.com.
About Boat Rocker
Boat Rocker (TSX: BRMI) is the home for creative visionaries. An
independent, integrated global entertainment company, Boat Rocker's
purpose is to tell stories and build iconic brands across all
genres and mediums. With offices around the world, Boat Rocker's
creative and commercial capabilities include Scripted, Unscripted,
and Kids and Family television production, distribution, brand
& franchise management, a world-class animation studio, and
talent management through a minority stake in The Initial Group, a
new company launched by TPG. A selection of Boat Rocker's projects
include: Invasion (Apple TV+), Palm Royale (Apple
TV+), Orphan Black: Echoes (AMC), American Rust: Broken
Justice (Prime Video), Beacon 23 (MGM+), Pretty Baby:
Brooke Shields (Hulu),
Downey's Dream Cars (Max), BS High (HBO), Orphan
Black (BBC AMERICA, CTV Sci-Fi Channel), Dear…(Apple
TV+), Billie Eilish: The World's a Little Blurry (Apple
TV+), The Next Step (BBC, Corus, CBC), Daniel
Spellbound (Netflix), and Dino
Ranch (Disney+, Disney Junior, CBC). For more
information, please visit www.boatrocker.com.
Forward-Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
Boat Rocker's current expectations regarding future events.
Forward-looking information is based on a number of assumptions,
many of which are beyond Boat Rocker's control. Such assumptions
include, but are not limited to, the factors discussed under
"Outlook" in Boat Rocker's annual MD&A dated March 28, 2024 and quarterly MD&A dated
November [], 2024. Forward-looking information is also subject to a
number of specific and general risks. A comprehensive summary of
the risks and uncertainties that may affect the business of Boat
Rocker is set out in Boat Rocker's Annual Information Form for the
year ended December 31, 2023 and in
Boat Rocker's annual MD&A dated March
28, 2024. The risks and uncertainties described therein are
not the only ones Boat Rocker faces. Additional risks and
uncertainties not presently known to Boat Rocker or that it
currently believes to be immaterial may also materially adversely
affect Boat Rocker's business, assets, liabilities, financial
condition, results of operations, prospects, cash flows and the
value and future trading price of the Subordinate Voting Shares.
Boat Rocker does not undertake any obligation to update
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required under applicable securities laws.
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1 Boat
Rocker currently has no corporate term debt, only interim
production financing (including through two borrowing base
facilities) in the ordinary course of operations.
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SOURCE Boat Rocker Media Inc.
