Blue Ant Media to buy control of GlassBox Television
By Adnews Staff
Blue Ant Media has announced its intention to purchase a controlling interest in Toronto-based GlassBox Television. Blue Ant will begin by purchasing 29.9% of GlassBox from existing shareholders and from the company. GlassBox has also accepted an offer from Blue Ant to purchase additional shares amounting to a minimum 75% ownership stake, to be acquired from existing shareholders. This will require CRTC approval. Under the terms of the agreement, Blue Ant CEO Michael MacMillan will become executive chairman of GlassBox. Raja Khanna will become CEO and Jeffrey Elliott will become president and chief strategy officer. Jay Switzer, the current chair of GlassBox's board of directors, will step down. No financial details are available. "GlassBox Television is establishing its place as a developer of innovative cross platform channels in genres that resonate with today's consumer," said MacMillan. "Jeffrey and Raja have built a company poised for growth and I look forward to being part of it." GlassBox Television owns and operates the specialty television channels Aux TV, Bite TV and Travel & Escape, as well as a collection of online properties.