DHX Media says Indian company Sakthi Global Holdings has made an unsolicited offer for the company.
Trading in DHX shares was halted pending the announcement.
Financial terms of the proposal were not immediately available.
DHX says it will consider and evaluate any formal offer received in due course.
It cautioned that there could be no certainty that a deal will take place.
DHX is a producer and distributor of child and youth-oriented programming, such as Peanuts and other animation and the Degrassi live-action franchise.