TSX Shariah screener · October 2026
Is Blue Ant Media Corporation (BAMI) Halal?
Blue Ant Media Corporation · TSX: BAMI · Telecom
The short answer
Blue Ant Media Corporation (TSX: BAMI) is a FAIL in our October 2026 screen. The business gate passes (international streamer, production studio and rights business; Thunderbird Entertainment acquired in Q2 2026). The debt gate fails: C$9.402M of bank indebtedness plus C$70.481M of interim production financing = C$79.883M at May 31, 2026, about 49.8% of the ~C$160.5M market cap (28,403,340 shares at C$5.65, the September 30, 2026 close) — well above the ~33% ceiling. Gross interest income is not separately disclosed (netted within 'interest expense, net of interest income' of C$2.538M for nine months), so the income gate is not verifiable. The screen fails on debt regardless.
Gate 1 — Business activity: PASS
Blue Ant Media is an international streamer, production studio and rights business. Segments: Global Channels and Streaming (FAST channels, MagellanTV, Media Pulse ad sales), Canadian Media (specialty TV channels, consumer shows), and Production and Distribution — which grew sharply after the acquisition of Thunderbird Entertainment Group in Q2 2026 (brand retired, operations integrated). Media production, streaming and content distribution is a permissible business; no alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
At May 31, 2026 the company reported bank indebtedness of C$9.402M plus interim production financing of C$70.481M — C$79.883M of borrowings (Q3 2026 release, Cash and Indebtedness Summary). Against a market cap of ~C$160.5M (28,403,340 shares at C$5.65, the September 30, 2026 close), debt is about 49.8% of market cap — well above the ~33% ceiling. Gate 2 fails. Cash was C$59.9M, but the screen uses gross debt. Facts only.
Gate 3 — Non-compliant income: NOT VERIFIABLE
Gross interest income is not separately disclosed in the Q3 2026 materials — the closest line is 'interest expense, net of interest income' of C$2.538M for the nine months ended May 31, 2026 (a net expense). With nine-month revenue of C$276.1M, no verifiable interest-income ratio exists, so this gate cannot be confirmed either way. The screen already fails on the debt gate. Facts only.
Key figures used
- Debt C$79.883M (bank indebtedness C$9.402M + interim production financing C$70.481M) at May 31, 2026 → ≈ 49.8% of ~C$160.5M market cap.
- 28,403,340 shares outstanding (TMX); Sep 30, 2026 close C$5.65.
- Gross interest income not separately disclosed (netted in 'interest expense, net of interest income' C$2.538M, nine months).
- Nine months ended May 31, 2026: revenue C$276.1M; net loss C$30.4M (incl. C$33.1M non-cash broadcast-license impairment).
- Acquired Thunderbird Entertainment Group in Q2 2026; Q3 cash C$59.9M.
- No Zoya, Musaffa or ShariaPortfolio rating found for BAMI.
Frequently asked questions
Is Blue Ant Media (BAMI) halal?
Our October 2026 screen gives Blue Ant Media (BAMI) a FAIL. The debt gate fails: at May 31, 2026 the company reported C$9.402M of bank indebtedness plus C$70.481M of interim production financing - C$79.883M total - which is ~49.8% of its ~C$160.5M market cap (28,403,340 shares at C$5.65, the September 30, 2026 close), vs the ~33% ceiling. The business itself passes (international streamer, production studio and rights business). Interest income is not separately disclosed, so the income ratio cannot be verified. No Musaffa/Zoya/ShariaPortfolio rating was found.
Why did Blue Ant Media fail the debt gate?
At May 31, 2026 Blue Ant reported bank indebtedness of C$9.402M and interim production financing of C$70.481M - C$79.883M of borrowings. Against a market cap of ~C$160.5M (28,403,340 shares outstanding at C$5.65, the September 30, 2026 close), debt is ~49.8% of market cap - well above the ~33% ceiling. Gate 2 fails. Cash was C$59.9M, but the screen uses gross debt.
What does Blue Ant Media do?
Blue Ant is an international streamer, production studio and rights business. Segments: Global Channels and Streaming (e.g. FAST channels, MagellanTV), Canadian Media (TV channels, consumer shows), and Production and Distribution - which grew sharply after the acquisition of Thunderbird Entertainment Group in Q2 2026 (brand retired, integrated). Media production and distribution is a permissible business; no alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines.
Does Blue Ant Media earn interest income?
The Q3 2026 materials do not separately disclose gross interest income - the closest line is 'interest expense, net of interest income' of C$2.538M for the nine months ended May 31, 2026, a net expense. With nine-month revenue of C$276.1M, no verifiable interest-income ratio exists, so gate 3 cannot be confirmed either way. The screen already fails on the debt gate.
Where can I find more media stock screeners?
See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.
Sources
- Blue Ant Media Q3 2026 results release (indebtedness C$9.402M + C$70.481M; revenue; interest expense net of interest income)
- BAMI historical price: C$5.65 close, September 30, 2026
- BAMI shares outstanding: 28,403,340 (TMX Money key data)
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.