Blue Ant Media to acquire GlassBox Television
Former Alliance Atlantis chairman and CEO Michael MacMillan speaks at the company's annual general meeting in Toronto in this Sept. 26, 2001 file photo. (Frank Gunn / THE CANADIAN PRESS)
Published Monday, April 11, 2011 4:38PM EDT
TORONTO - A company led by the former head of Alliance Atlantis is buying into GlassBox Television Inc. and plans to acquire control of the company.
Michael MacMillan's Blue Ant Media Inc. will initially buy 29.9 per cent of GlassBox, the co-CEOs of GlassBox announced Monday.
There's also an agreement for Blue Ant to increase its ownership to at least 75 per cent, subject to regulatory approval.
Financial terms weren't disclosed.
GlassBox is an integrated media company that owns and operates two specialty television networks, and has acquired rights to a third TV channel. It also has a digital publishing division that operates portals, blogs, mobile sites and mobile applications.
MacMillan was one of the driving forces that made Alliance Atlantis one of Canada's largest specialty TV providers before it was acquired by CanWest Global Communications and later Shaw Communications Inc. (TSX:SJR.B).
Under the plan, MacMillan will become executive chairman of GlassBox and former CHUM CEO Jay Switzer, will step down as chairman.