TORONTO, April 11 /CNW/ - GlassBOX Television Inc. (the "Company") and
Blue Ant Media Inc., controlled by media executive Michael MacMillan,
announced today they have entered into an agreement for the acquisition
by Blue Ant of a controlling interest in the Company. The announcement
was made by GlassBOX Television co-CEOs Jeffrey Elliott and Raja
Blue Ant Media will initially purchase 29.9% of GlassBOX Television Inc.
from both existing security holders and Company treasury. In addition,
an offer has been accepted for Blue Ant to purchase additional shares
in GlassBOX from existing shareholders, which will result in a minimum
ownership position of 75% which, in keeping with standard regulatory
policies on ownership thresholds, requires CRTC approval. This
acquisition will result in Blue Ant becoming a controlling shareholder
of GlassBOX Television.
With this transaction, GlassBOX Television's executive management will
be restructured. Michael MacMillan will assume the new position of
Executive Chairman and will actively participate in GlassBOX
Television's strategic growth for its digital and broadcast properties,
which include Bite TV, AUX TV and the newly acquired Travel & Escape
Channel. Raja Khanna will become CEO and Jeffrey Elliott will take on
the new position of President, and Chief Strategy Officer.
"Michael MacMillan is internationally respected in our industry and we
are delighted to have him take an active role in what we are building
at GlassBOX. We are well positioned as an innovative independent media
company and Michael's involvement will allow us to accelerate our
growth strategy," said Jeffrey Elliott and Raja Khanna.
"GlassBOX Television is establishing its place as a developer of
innovative cross platform channels in genres that resonate with today's
consumer," said Michael MacMillan, CEO of Blue Ant Media Inc. "Jeffrey
and Raja have built a company poised for growth and I look forward to
being part of it."
This transaction will also see Jay Switzer, the current Chair of
GlassBOX's Board of Directors, stepping down.
"It has been a privilege to serve as GlassBOX's Chair as it established
a meaningful place in our industry. Blue Ant's new ownership position,
together with Michael MacMillan taking an active role as Executive
Chair, is the perfect next step in GlassBOX's strategic growth", said
Jay Switzer. Mr. Khanna added "it is an exciting time for our company
and we would like to sincerely thank Jay for his support, guidance and
GlassBOX Television Inc. is an integrated media company that owns and
operates Canadian specialty television networks AUX TV, focused on
music and music culture and BITE TV, focused on satirical comedy
shorts, sitcoms and movies, in addition to popular websites aux.tv
and bite.ca. The company also recently acquired the specialty travel
and leisure channel Travel & Escape. The company's digital publishing
division operates broadband portals, blogs, mobile sites and
applications while representing the Canadian online advertising
inventory of several major international brands including AllMusic.com,
AllHipHop.com, NME.com in addition to SPIKE.com, VH1.com,
GAMETRAILERS.com, ATOM.com, TVLAND.com and LOGOTV.com. GlassBOX's
wholly owned production company subsidiary produces over 150 hours of
original television content each year. (glassbox.tv)
SOURCE GlassBOX Television Inc.
For further information:
Mary Powers, MPowers Communications +1 416 767 8692 email@example.com