Acquisition sees former Canuck TV topper's return to biz
MONTREAL — Former Alliance Atlantis topper Michael MacMillan is returning to the Canuck broadcast business.
His Blue Ant Media is taking over control of GlassBOX Television, which owns owns three cable channels. The deal was announced Monday by GlassBOX co-CEOs Jeffrey Elliott and Raja Khanna.
MacMillan co-founded producer and broadcaster Atlantis Communications in 1978, and later acquired rival broadcaster Alliance to become Alliance Atlantis, one of the country’s leading cable channel owners. When Alliance Atlantis was taken over by CanWest Global in 2007, MacMillian exited the TV business.
Blue Ant will initially buy 29.9% of GlassBOX Television and an offer has been accepted for it to buy additional shares to give it at least a 75% stake.
There will be a management shake-up following the deal.
MacMillian will become executive chairman and take an active role in the management of the company. Khanna will be CEO with Elliott as prexy and chief strategy officer.
Jay Switzer will step down as chair of GlassBOX’s board of directors. Switzer was for years a senior executive at Chum Television.
The deal is subject to regulator approval. No financial details were revealed.