EastBay Asset Management, LLC Announces Filing of Early Warning Report and Acquisition of Variable Voting Shares of DHX Media Ltd.

NEW YORK, Dec. 6, 2019 /CNW/ - EastBay Asset Management, LLC ("EastBay"), in its capacity as investment manager of EastBay Master Fund, LP and EastBay Focus Fund, LP (the "EastBay Funds") announced today that on November 29, 2019, the EastBay Funds acquired an aggregate of 109,500 variable voting shares of DHX Media Ltd. (the "Issuer"), representing 0.06% of the issued and outstanding voting securities of the Issuer (being the common shares and variable voting shares of the Issuer (collectively, the "Shares")). Of the 109,500 variable voting shares acquired by the EastBay Funds, 34,500 variable voting shares were acquired at a price of US$1.26 per variable voting share, being C$1.67 per variable voting share based on the daily average exchange rate for US dollars to Canadian dollars published by the Bank of Canada on November 29, 2019. The remaining 75,000 variable voting shares were acquired by the EastBay Funds at a price of C$1.68 per variable voting share.

As a result of this acquisition, together with the increase in the Issuer's issued and outstanding Shares resulting from the Issuer's previously announced rights offering (the "Rights Offering"), EastBay, through the EastBay Funds, currently exercises control or direction over an aggregate of 26,289,018 variable voting shares, representing 15.4% of the issued and outstanding Shares. Prior to this acquisition, and immediately before the completion of the Rights Offering, EastBay, through the EastBay Funds, exercised control or direction over an aggregate of 26,179,518 variable voting shares of the Issuer, representing 19.4% of the issued and outstanding Shares at that time.

EastBay acquired the Shares through the facilities of the Toronto Stock Exchange and the NASDAQ, in the ordinary course of business, for investment purposes only. EastBay may, from time to time, on its own behalf or on behalf of the EastBay Funds or other client accounts, acquire additional securities, dispose of some or all of the currently held or additional securities or may continue to hold the securities of the Issuer.

An early warning report relating to these transactions will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under the Issuer's profile and can be viewed at www.sedar.com.

SOURCE EastBay Asset Management, LLC