CRTC approves Bell-Astral merger
Posted Jun 28, 2013 12:04:23 AM.
This article is more than 5 years old.
GATINEAU, Que. – The Canadian Radio-television and Telecommunications Commission has approved Bell’s (TSX:BCE) proposed acquisition of Astral Media (TSX:ACM.A).
The CRTC made announcement today after markets closed.
The telecommunications watchdog originally shot down Bell’s initial, $3.4-billion bid for Astral last fall, saying it wasn’t in the best interests of Canadians.
That prompted Bell to offer to sell some of Astral’s specialty TV channels and radio stations in order to satisfy CRTC concerns that it would be too dominant in the market.
Bell said it would drop the offer if forced by the CRTC to sell more of Astral’s assets such as The Movie Network, because that would cripple attempts to compete with services like Netflix.
Bell has also said it would walk away from the deal if the CRTC forces it to sell more of Astral’s French specialty TV channels because it wants to bring more competition to Quebec.
