Torstar today announced that it has acquired an approximate 25% interest in Blue Ant Media Inc. Blue Ant Media is a newly established independent media company led by media veteran, Michael MacMillan. In addition to a controlling interest in GlassBOX Television which operates specialty channels Travel+Escape, Bite TV and AUX TV, Blue Ant Media owns a minority interest in Quarto Communications (Cottage Life, Outdoor Canada, Explore and Canadian Home Workshop).
Blue Ant Media also announced today it has entered into an agreement to acquire Canadian broadcaster High Fidelity HDTV Inc. and its four premium high definition channels – Oasis HD, eqhd, radX and HIFI. The transaction is pending CRTC approval. Blue Ant Media will initially purchase 29.9% of shares in High Fidelity HDTV, with the remaining 70.1% closing subject to CRTC approval. As part of this transaction, private equity firm Providence Equity Capital Markets has committed to providing additional financing to Blue Ant Media for the completion of the acquisition of High Fidelity HDTV.