The Globe and Mail reports in its Wednesday edition that Michael MacMillan is fighting a takeover battle he may not win. The Globe's Jameson Berkow writes that Mr. MacMillan, co-founder of film company Alliance Atlantis and now chief executive officer of television-producer-turned global content distributor Blue Ant Media, struck a deal in November to buy Thunderbird Entertainment. Although he locked up 37-per-cent support for the transaction in advance, multiple shareholders of the Vancouver-based TV producer have balked at the proposal and plan to vote against it at a meeting on Thursday. Blue Ant, which went public last year, is offering a mix of cash and stock that values Thunderbird at $1.77 a share or about $89-million. At least two-thirds of shareholder ballots cast must vote Yes for the deal to proceed, but C.J. Martin is among several Thunderbird investors planning to vote No. "It is a bad deal," said Dark Horse Capital's Mr. Martin, which controls 4 per cent of Thunderbird shares. "It is just not good value." Thunderbird was buying back its own stock at an average price of more than $2 a share in 2024. The stock plunged to as low as $1.02 after Thunderbird stopped issuing financial guidance on Oct. 8, 2025.