TORONTO – Blue Ant Media Corp. has signed a stock-and-cash agreement worth $89 million to buy Thunderbird Entertainment Group Inc.

Blue Ant chief executive Michael MacMillan says the acquisition of Thunderbird is expected to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance its earnings and cash flow.

Vancouver-based Thunderbird’s production businesses include Atomic Cartoons and Great Pacific Media.

Under the deal, Thunderbird shareholders will have the option to receive 0.2165 of a Blue Ant subordinate voting share, $1.77 in cash or a combination both for each Thunderbird share they hold. The maximum amount of cash available under the offer is limited to $40 million.

The deal, which requires shareholder approval, is also subject to custom

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