Good morning. My name is Joella, and I will be your conference operator today. At this time, I would like to welcome everyone to the Boat Rocker Media/Blue Ant Media joint conference call to discuss their proposed business combination. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session for analysts covering the company. Instructions on how to queue up to ask questions will be given at that time. A reminder that for the purpose of the recording today is Monday, March 24, 2025. Before we begin, I would like to remind listeners that today's remarks include non-IFRS measures. In addition to today's conference call, and answers to your questions will contain forward-looking information within the meaning of applicable securities laws. These forward-looking statements reflect the applicable party's current opinions, beliefs, estimates, expectations, and assumptions, and are based on information currently available to the applicable party, which includes assumptions about trends and current business conditions, expected future developments, and other factors which the applicable party considers appropriate and reasonable in the circumstances. This forward-looking information represents the applicable party's expectations as of today and accordingly is subject to change. Such information is based on current assumptions that may not materialize and is subject to a number of important risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on this forward-looking information. As well, there can be, of course, no assurance that the business combination will be completed or that the resulting company will perform as currently expected. A description of the risks that may affect future results is contained in the news released from this morning, as well as Boat Rocker's Annual Information Form and most recent MD&A, which are available on the corporate website and in its filings with the Canadian Securities Administrators on SEDAR+ at www.sedarplus.ca. Finally, Boat Rocker Media accepts no liability for information related to Blue Ant Media and vice versa. I would now like to turn the conference over to Mr. Tim Foran from Blue Ant Investor Relations. Please go ahead. Thanks, Joella. Good morning, everyone. I'll start on slide two for those reviewing the presentation. In terms of the agenda for the call, we'll begin with Boat Rocker Media's CEO, John Young, who will provide some opening remarks and an overview of the proposed reverse takeover, or RTO, and the benefits to Boat Rocker shareholders, as well as the concurrent management buyout of Boat Rocker Studios. The full details on the RTO, including required approvals, are included in press releases issued this morning, which is available on Boat Rocker's website and under Boat Rocker's profile on SEDAR+. Following John, Blue Ant Media's co-founder and CEO, Michael MacMillan, and CFO, Robb Chase, will walk listeners through a presentation about Blue Ant. The transaction is currently anticipated to close in early June. An information circular will be filed in due course, which will have additional detail on the proposed transaction in Blue Ant. This will include background of the arrangements, including a summary of material events leading to the arrangements, details on the form of valuation, recent financials for Blue Ant, pro forma financial information, and additional detail on Blue Ant and its growth strategy. Obviously, therefore, management will be limited today in what they can say on these topics until the circular is filed publicly. Additionally, I will point listeners to the disclaimers and forward-looking statements on slides three and four, which contain important information for investors. Finally, please note that all amounts discussed there are in CAD unless otherwise indicated. With that, I will now turn the call over to John to go over slide four. Thank you very much, Tim, and good morning, everyone, and thanks for joining us for this special call. We have just announced that Boat Rocker has signed definitive agreements for a proposed reverse takeover by Blue Ant Media. At the same time, Ivan Schneeberg and David Fortier, co-founders and co-executive chairmen of Boat Rocker, and myself will complete a management buyout of Boat Rocker Studios. We are two of Canada's leading media and entertainment businesses with promise for exciting paths ahead. Given the great impact on both Boat Rocker and Blue Ant, joining me on today's call are Michael MacMillan, founder and CEO of Blue Ant, and Robb Chase, Blue Ant's CFO. We are all very excited to be here to announce this transaction, which our board and a special committee of independent directors have determined provides meaningful benefits to shareholders. The RTO will occur through a share exchange, with Blue Ant's shareholders expected to own approximately 73.5% and Boat Rocker's shareholders approximately 26.5% of Blue Ant. The exchange ratio implies a valuation of CAD 1.80 per BRMI share, representing a premium of approximately 125% to the March 21st closing price of BRMI's shares on the TSX and a premium of approximately 145% to the 30-day trading volume weighted average trading price per BRMI share on the TSX at that date. In terms of the mechanics and the asset split, Blue Ant Media will undertake a reverse takeover of BRMI. The company will be renamed Blue Ant Media, and it will continue to trade on the TSX, subject to regulatory approval. In short, Blue Ant will effectively be the public company comprised of its operations and led by its board and leadership teams. Three of Boat Rocker's production companies will remain with Blue Ant and the public company, unscripted programming houses Insight Productions and Proper Television, as well as its animation studio, Jam Filled. These complement Blue Ant's existing unscripted and animation businesses. As I noted, Ivan, David, and I will buy out all of the scripted, unscripted, and kids and family television production, distribution, brand and franchise management, creative and venture partnerships, and content investment, excluding Insight, Proper, and Jam Filled. Together with the Boat Rocker name and brand, we will resign from the public company but continue to lead Boat Rocker Studios as a private company following the closing. From day one, our mission has always been to tell great stories. We remain as committed to our mission as ever. Our studio will continue to do what we do best: create, produce, and distribute premium content for all platforms around the world and build global brands using owned IP. This is an exciting new chapter for Boat Rocker Studios, and we look forward to what lies ahead. We have always thought about what is in the best interest of the company and its shareholders, working tirelessly to deliver results. Management and the special committee of our board believe that this transaction creates meaningful shareholder value. Our controlling shareholder, Fairfax, and the directors and executive officers of BRMI, who hold approximately 62% of its total shares and all of its multiple voting shares, have agreed to vote in favor of the transaction and related matters. In closing, we will also convert our existing multiple voting shares of BRMI into subordinate voting shares of the resulting public company. I will now hand the call over to Michael. Michael, over to you. Thanks very much, John. Good morning. We're very pleased to be here today. I'm always excited to tell the Blue Ant story, but especially today. I'm joined here by our CFO, Robb Chase, who's been with me since founding Blue Ant in 2011. Previously, Robb served as our COO. We're extremely enthusiastic about this transaction and appreciative of the significant financial support being provided by Fairfax. Fairfax are founding shareholders of Blue Ant. This is an incredibly opportune time for Blue Ant to go public. We're strategically positioned for profitable global growth, both organically and through M&A, which will only be enhanced by this transaction. As noted, an information circular outlining the transaction for shareholders is going to be filed in the coming weeks. However, we thought it would be useful to spend some time today to provide some background on ourselves and Blue Ant. I'm very proud to say that we've created a business in Blue Ant that has delivered strong value to our shareholders. Turning to page seven now for the presentation. This is also in line with the success delivered by my previous company, Alliance Atlantis Communications, a global media company that was TSX-listed until its sale in 2007. As background, I co-founded Atlantis in 1978 with my colleagues with CAD 300. For the first 15 years, we bootstrapped it into a large and successful film and TV production house. In 1998, we acquired Alliance Communications through a reverse takeover and built out the combined business further through multiple acquisitions. Alliance Atlantis might have been best known for our ownership and production of CSI: Crime Scene Investigation, which became an internationally successful TV franchise. We were also far and away the early leader in digital specialty channels, with nine of them. Similar to Blue Ant, Alliance Atlantis also had a dual-class share structure, and I was the controlling shareholder. In late 2006, due to a combination of conditions in the economy, the capital markets, the media industry, we determined that it was the perfect time to harvest value and therefore initiated the sale of Alliance Atlantis. We sold it for CAD 2.6 billion, CAD 2.3 billion of which was in equity, and a significant return on the CAD 700 million in capital that had been put into the company by shareholders. Moving to page eight. At both Alliance Atlantis and Blue Ant, we have proven an ability to identify market trends and capitalize on them, most recently the shift to digital in video consumption. Video consumption remains strong, but where people are watching has changed. Streaming now comprises the largest share of viewing. Connected TVs have been the fastest-growing internet-connected platform for consumption, outpacing mobile devices. Connected TV ad spend is forecast to catch up with this consumption growth and is anticipated to increase at a double-digit figure. We've purposely built Blue Ant Media to be a business that can capitalize on this shift of consumption to digital platforms and the ad dollars that is going to follow, as noted on slide nine. The inspiration for starting Blue Ant in 2011 was really already noticing how many people were then using smartphones and iPads to view video content. It was pretty clear that internet-connected devices had the potential to displace the old model of everybody watching the same TV show at the same time. As content shifted to internet delivery, there has indeed been a diffusion of audiences across screens, creating challenges for legacy content companies but opportunities for new players. As one of those new players, our strategy at Blue Ant has been focusing on creating, owning, and distributing high-quality video content in universally loved unscripted genres across our own and across third-party channels and platforms globally. We have strategically built up interconnected operations of production, distribution, streaming, broadcasting, advertising sales, and other services. This interconnected business has allowed us to embrace the technological changes driven by the internet, which have made content viewing borderless and available across connected devices, not just cable and free-to-air broadcast. Since our launch in 2011, we have transformed from a handful of TV channels in Canada to a global media company with content viewed in more than 100 countries on more than 300 platforms across dozens of brands and channels. We're proud of the fact, and this has resulted in Blue Ant becoming a diversified, growing, and profitable business with a strong balance sheet. On page 10, you can see the three segments of our business. One, Blue Ant Studios, comprises our production and distribution arcs. Two, Global Channels and Streaming includes our international brand Love Nature, FAST channels, and our Connected TV ad solutions business. Three, our Canadian Media business includes domestic channels and consumer shows. As you can see on the slide, we've experienced significant double-digit growth through organic growth and through strategic M&A. have been profitable with a strong focus on allocating resources to areas that will drive healthy returns for our shareholders. Our return on capital employed was 16% in the past fiscal year. We have done this utilizing minimal leverage. We believe that leverage can create handcuffs, especially for media companies in an industry that absolutely requires flexibility, investment, and evolution. It is important to note that this progression you see on the slide has occurred during a challenging period for the legacy media industry. For instance, the big streamers have cut back spending, including by doing fewer deals where they buy 100% of world rights. This has been short-term pain for the industry, but a more favorable business environment for us, as we prefer a rights-sharing structure rather than simply work-for-hire where the streamer buys all the world rights. Additionally, the big media conglomerates have been reducing spend to create efficiencies after their recent mergers. There has also been a decline in cable TV advertising in favor of Connected TV ad spending. All these changes and the emergence of new technologies have disrupted legacy supply chain relationships. We believe these dynamic market shifts present opportunities for companies like Blue Ant with the experience and ambition to capitalize on them. How do we do that? It starts with our business model, comprised of four components. First, as seen on slide 11, we focus on creating, owning, and acquiring content. Our production studios create and commission first-run programming for our own channels as well as for third parties. We supplement that with acquisitions of complementary content. Today, our content library is about 8,000 hours, of which we own half. That's up from 1,500 hours a decade ago when we owned less than 20%. This approach provides optionality to maximize monetization of IP. Next, slide 12 shows our content focus is on universally loved unscripted genres because these are evergreen content that travel well in our areas or genres in which we can compete and win. These are easy-to-watch genres like lifestyle, history, science, and crime. Blue Ant has one of the world's largest, most celebrated offerings of 4K natural history programming. These are also financially sustainable genres. They fulfill the global demand for content on new platforms, including streaming via Connected TVs, and they are significantly less expensive to develop and acquire than premium scripted dramas. 80% of our business is on unscripted content. This mitigates the volatility associated with a focus or a reliance on high-budget scripted productions. Third, our focus for growth is in international markets in order to diversify revenue streams and maximize IP monetization. As you can see on slide 13, international markets are our prime growth drivers. We support that with production in Canada, and Canada is a great place to produce programming. It's cost-efficient, a wonderful talent pool, and strong government support. Finally, our business is diversified by function and revenue stream, which results in an agile entrepreneurial business designed to succeed in all industry conditions. As seen on slide 14, we have a balanced revenue composition from multiple streams, including advertising, licensing, and subscriptions, as well as production services and consumer shows. This provides a stable financial foundation and a reduced reliance on new content for proper growth. This is very different than traditional TV production houses that are reliant on churning out new content annually. Turning to page 15, the business model is fully interconnected, which is critical for success. Our production business creates, commissions, and acquires content in our core genres. Our owned Canadian and Global Channels connect with audiences focused on similar genres and deliver both advertising and subscription revenue across various platforms. We license the same content to other broadcasters and streamers through our distribution business around the world. We use the resulting cash flows to create and acquire more content to accelerate growth and continuously build scale. We believe that scale is important as global broadcasters and streamers seek to do more business with fewer partners. This interconnected business model is a key differentiator versus competitors. Indeed, we may be closest to a small but nimble version of a major American studio with a focus on unscripted programming and the determination to avoid significant leverage. Let me now give you an example on page 15 of our business model at work with our international brand Love Nature. Now, Love Nature was originally one of the first specialty channels in Canada that we acquired in fiscal 2012. It was called Oasis. At that time, Oasis was a landlocked Canadian channel focused on renting local rights for broadcast in Canada only. In 2015, we rebranded Oasis to Love Nature and completely changed the business model and undertook a more ambitious strategy. We moved from licensing international programming to commissioning original high-quality 4K natural history programming ourselves so that we owned the content worldwide. We exported the channel. Today, we now have one of the largest libraries of 4K natural history programming, 95% of which we own. Love Nature is an international channel. Today, Love Nature is available in more than 100 countries across all platforms, both under its own brand or licensed to others. In some markets, Love Nature is both a payTV channel, and we also utilize its content on our free ad-supported or FAST channel Nature Time, giving us two bites of the apple. As you can see from the pie chart, this results in diverse monetization by various platforms in various territories. The success of Love Nature has been due to our choice of a genre that's evergreen and travels well, our international focus, and because we own the content. Page 17 shows a second example of our business model at work. In the U.S., Love Nature is a FAST channel that's free ad-supported streaming television. The success of Love Nature, combined with the rise of Connected TV and the advent of subscription fatigue, drove us into FAST channels early on. With FAST channels, we're able to leverage IP that we already own or that can be readily acquired. For instance, we use our paranormal content from our Canadian specialty channel T+E on our FAST channel Haunt TV and our lifestyle content from our Cottage Life channel in Canada on our FAST channel Homeful. Today, we have FAST channels available. More than 1 billion minutes are viewed monthly globally. Revenues FAST channels have more than doubled in the past two years, as you can see in red on the chart here. We expect continued increases as more ad dollars move into Connected TV. Additionally, our channels are now available in more than 70 countries. While the U.S. has been the primary market FAST channels thus far, strong growth in other global markets is forecast. In 2022, we also acquired Media Pulse, our Connected TV ad solutions business. You may be wondering what is driving that extraordinary growth in this business noted in light blue on the chart. When you buy a Connected TV today, that TV is now capable of addressable advertising, which is a way to deliver personalized ads similar to what was already available on smartphones. This enables advertisers to more effectively connect with viewers and generate a better return on their ad spend. Therefore, these TVs now combine the personalization and addressability of the small screen with the visual impact of ads delivered on the big screen in the living room, which is a very valuable combination for advertisers. With those two examples, I'll now pass the microphone over to Robb. Thanks, Michael. I'll start on slide 18. The interconnected business model that we built has enabled financial success even during challenging times for the industry. As you can see from the timeline, the transformation has been the result of a combination of many purposeful organic initiatives and strategic M&A since our founding in 2011. We funded this transformation through internal resources as our last equity raise was back in 2016. As noted on slide 19, this has been through a combination of cash flow from operations and selective asset sales. The best example of the latter is Omnia Media, which we acquired about a decade ago. During its time with us, we transformed it from what was originally a predominantly music-focused YouTube multi-channel network into the world's largest global gaming content network. Ultimately, we decided gaming and eSports MCNs were not core to our strategy, and we sold it in 2020. We generated aggregate gross sale proceeds of CAD 115 million on the sale, a strong return on the CAD 33 million that we had invested in the business, including its acquisition cost. Turning to our recent financial results on page 20, there are a few important callouts. First, we have more than doubled revenues and EBITDA since that year, fiscal 2020, a period which has been challenging for the industry. Secondly, EBITDA was stable in fiscal 2024, primarily due to a CAD 3 million increase in the amortization of programming expense at Love Nature, which is a catch-up from the significant content investments we made in the previous five years. It also reflects higher interest rates and more activity in interim production financing. Third, despite our significant content spend, net cash from operating activities has been positive in each of the past five years. Finally, we operate with modest leverage. When we have increased debt for acquisitions, we have quickly delevered. Turning to our growth strategy on page 21, we are strategically positioned to continue to scale our business through disciplined organic growth. We have a strong financial foundation, a diversified, resilient business model, and a sharp focus on global growth opportunities. Within Global Channels and Streaming, we expect to drive broad-based growth through, first, our ad solutions business benefiting from the rise in Connected TV advertising, and second, continued progress in our AVOD and FAST channels. Within our studios business, there are multiple growth drivers, including increasing scale and production capacity, including from the RTO transaction, and we anticipate more global service work for our Canadian studios, in part driven by the efficiency of Canadian production. Moving to page 22, in terms of M&A, this industry is at a dynamic point, as Michael noted earlier. There is a strong pipeline of opportunities at attractive valuations as over-leveraged, subscale, or undiversified competitors are challenged by changing market conditions. For us, our stable foundation and diversified business means times of challenge are actually times of opportunity. After the RTO, we'll be in a strong net cash position. However, the cash we are looking to raise would significantly increase our ability to accelerate M&A opportunities and take advantage of the current market conditions, opportunities which may not exist in a few years. On the studio side, we will look to increase our production capacity, which will make us more attractive to partners, as well as acquire library catalogues that are complementary to the genres that we're in and the content we produce. A great example of the latter was our recent acquisition of the Mike Holmes catalogue. We realized value by using that content in multiple ways across our Canadian and FAST channels, licensing it through our distribution business and through Mike's appearances at live consumer shows. Finally, we're also producing new content with the Holmes family. In the Global Channels business, we see opportunities to accelerate our plan to replicate the success of Love Nature. M&A here would be a combination of, one, acquiring global brands in certain genres that we can repurpose, as we did rebranding Oasis to Love Nature and taking it global, and two, acquiring library catalogues in these genres to supplement our creation and commission of first-run content, which would accelerate content for the channels and drive better returns than developing all the content ourselves. Finally, we will also explore M&A in sectors that are emerging due to shifts in technology similar to our acquisition of Media Pulse. The RTO is an example of the kind of transaction we are always seeking. The arrangement provides us with some clear benefits. On the closing of the reverse takeover, we will inherit from Boat Rocker Media three Canadian production companies: Insight Productions, Jam Filled Entertainment, and Proper Television. However, seen on slide 23, the greater proportion of the value is because we will also receive substantial financial assets. In total, the amount will be a range of CAD 54 million-CAD 89 million, with value assurances provided through a variety of arrangements with Fairfax. This is coming from a minimum cash balance of CAD 25.5 million and normalized net working capital, which is guaranteed by Fairfax. Secondly, $11.6 million in cash, equivalent to approximately CAD 17 million at current exchange rates, from the sale of Boat Rocker's ownership in The Initial Group to Fairfax. As noted on the slide, we estimate net proceeds from this will be approximately CAD 15 million. Third, a CAD 18 million vendor takeback promissory note related to Boat Rocker Management's buyout of certain Boat Rocker assets. This note is guaranteed by Fairfax, which will enable us to securitize and sell the note. On the slide here, we ascribe a value to this note of CAD 13.6 million, calculated as the present value of the six annual payments of CAD 3 million each, with an additional CAD 1 million payment in the sixth year on interest discounted at a 10% rate. Fourth and finally, a value assurance payment from Fairfax of up to CAD 34.7 million based on the financial performance of the three production companies acquired for the year ending December 31, 2025. In short, the only way we will not receive all or a portion of that amount is if these companies deliver far above our current expectations. Additionally, we believe our increased scale and profile as a public company will help us attract talent and new business partners, along with providing us access to a lower cost of capital. Finally, we are planning an equity raise concurrent with the RTO to increase our financial capacity for M&A and support our public listing. The acquisition of Insight, Proper, and Jam Filled will also increase the scale and diversification of our business, as noted on slide 24. Notably, this will significantly increase our production services capability. While this is a lower-margin business, there is minimal content investment required, and EBITDA converts to cash at a high rate. These entities will operate on a standalone basis in 2025. In 2026, we will be able to begin identifying opportunities to support each other and other potential synergies. I'll pass it back to Michael's closing comments before we jump into Q&A. Thanks, Robb. I hope we've now left you with some key takeaways today, as noted on slide 25. One takeaway is that Blue Ant is a global media company purposely designed for the digital age. We've got a leadership team with a track record of building successful content businesses, but with an eye to generating strong shareholder returns, not empire building. We have a proven ability not only to identify market trends, but to capitalize on them, most recently the shift to digital in video consumption. This has resulted in Blue Ant becoming a diversified, growing, and profitable business that's performed well through challenging times in the sector. Our interconnected business model differentiates us and drives high recurring revenues and provides a stable financial foundation. The other takeaway is that this RTO and the concurrent equity raise provides us with an opportunity to accelerate growth and scale, which will benefit both Boat Rocker and Blue Ant shareholders. The RTO increases our financial strength and diversifies our business. The planned equity raise will enable us to accelerate M&A at an opportunistic moment. With that, thank you, and we're happy to take your questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear the prompt that your hand has been raised. Should you wish to decline for the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from David McFadden with Cormark Securities. Your line is now open. Oh, great. Hi, guys. Congratulations on the deal, the transaction. A couple of questions. Michael, maybe you could comment on what's the opportunity to increase your distribution of your FAST channels today, and then also what's the opportunity to create FAST channels based on the library that you have and distribute those around the world? Currently, the fast, and just a reminder, fast is free ad supported streaming television. FAST channels are mostly in the U.S. today. The U.S. is overwhelmingly the world leader. We have FAST channels now in about 77 countries around the world. The more important ones in that are Continental Europe, Latin America, and Asia-Pacific. We see growth opportunity from those international markets for fast. It's possible that we can launch FAST channels, but frankly, right now, our focus is driving further carriage on more different platforms or through more original equipment manufacturers for each of those platforms. The platforms that tend to FAST channels include businesses like Pluto or Tubi, but also original equipment manufacturers like Samsung, for example, VIZIO, LG. These are the manufacturers that when you open up your new TV that you just brought home from the store, it is a Connected TV. All these channels are right there, easy to watch. That is what fast is. David, thanks for this answer. We see significant opportunity outside of North America for our fast business. By the way, fast is also increasingly packaged with AVOD, which is obviously an on-demand advertiser-supported product as well. AVOD is also growing in the same markets for the same reasons. Thank you. On the channels, sorry, the production companies that you are acquiring from Boat Rocker, the three production companies, could you talk about the opportunity to leverage those to drive even higher growth? Right now, so first of all, we're pleased to be acquiring Insight Productions, Jam Filled, and Proper Television. They're Canadian-based, but their customers are international, American, Canadian, British. The opportunity here is using our distribution arm, which, as you know, we sell or license our TV shows around the world from our distribution operations, which are located in London, L.A., New York, and Sydney. We're looking forward to working with Insight, Proper, and Jam Filled, not only to support what they're producing, but ideally to be holding on to some of the IP that they're creating so that we can put it through our system and do direct sales to third parties, but also to help populate the programming on some of our international channels. We're looking forward to that opportunity. Okay, and then just lastly, just a question on M&A. When you look at all the opportunities out there, what segment of your business gets you most excited in terms of the M&A opportunities? One area you could perhaps tell when I was describing Love Nature and our success with that, and how we repurposed Oasis into an international Love Nature product. The Global Channels and Streaming business is a huge opportunity. We are hoping to replicate the success of Love Nature. In M&A, that could take the form of us acquiring an existing internationally focused niche-branded sort of genre-specific channel. It could also see us acquiring libraries or programming to feed that same channel. A couple of different kinds of M&A activities, both of which would help grow our international streaming and Global Channels business. The other opportunity is in the content creation side, growing our production capacity and feeding our distribution business. That could take the form of acquiring production capacity or acquiring libraries. We have been fortunate enough to acquire several libraries in the past couple of years, and we are on the look for more. Those would be the two main areas that we are looking at. Certainly, we are naturally already of opportunities and are looking forward after this RTO is completed to be able to pursue those. Okay. All right, thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at this time. I will now turn the call over to Michael for closing remarks. Thank you very much. Thank you all for joining the call this morning. We look forward to being in touch with you and answering your questions as we start this exciting new journey as a public company. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Goodbye.