Astral confirms new BCE takeover offer in the works

CBC News

Posted: Nov 16, 2012 9:56 AM ET

Last Updated: Nov 16, 2012 3:56 PM ET

After their merger was denied last month, BCE and Astral are reportedly close to trying again. (Paul Chiasson/Canadian Press)

Astral Media confirmed Friday it is in discussions about bringing BCE's takeover offer for the Montreal-based media company back to life and win ultimate approval from regulators.

A report published report in the Globe and Mail Friday says BCE Inc. was close to a deal that will see it take over Astral Media after selling off some English-language assets to clear regulatory hurdles.

Around midday, Astral confirmed that news in a press release. " While it is Astral's policy not to comment on market rumours or speculation, Astral today confirms that it is in discussions with Bell to continue pursuing regulatory approvals for Bell's acquisition of Astral," the company said.

Shares in Astral media were halted on the TSX Friday, a step that's normally taken when a company has major news coming out.

Previous deal rejected

A $3 billion tie-up between the two companies pitched earlier this year was scuttled last month after the Canadian Radio-television and Telecommunications Commission said consumers and cultural products wouldn't be well-served by the transaction.

At the time, BCE said it was disappointed with the decision, but asked for more time to come back with another offer structure.

The paper said the core of the new deal will see BCE take over Montreal-based Astral with a pledge to sell off a number of assets in an auction to rivals, enough to keep its reach small enough to get approval from Canada's broadcast regulator.

When approached by CBC News, BCE declined comment on the reports.

Astral Media owns 25 TV specialty services, including the Movie Network, and more than 80 radio stations.

Stay Connected with CBC News

Big Box Advertisement

Top News Headlines

2nd suspect named in Tim Bosma slaying: The second suspect arrested in the Tim Bosma slaying has been identified as Mark Smich, 25, of Oakville, Ont., Supt. Dan Kinsella of Hamilton police announced Wednesday afternoon. more »

Harper 'not consulted' about Duffy Senate expense repayment: Prime Minister Stephen Harper says that not only did he not know about his chief of staff's "gift" to repay Senator Mike Duffy's expenses before the story broke in the media, he was not consulted and did not sign off on Nigel Wright's decision to write a personal cheque. more »
2 infants confirmed among dead of Oklahoma tornado: Rescue workers raced to complete the search for survivors and the dead in the Oklahoma City suburb where a mammoth tornado destroyed countless homes, cleared lots down to bare red earth and claimed 24 lives, including those of 10 children. more »
'You will see him again in heaven,' Sharlene Bosma tells daughter: Sharlene Bosma told more than 1,000 people at the public memorial service for her slain husband, Tim Bosma, about the love they shared. more »
Mayor Ford stays silent while his brother defends him: Toronto Mayor Rob Ford continues to stonewall the media over allegations that he was recorded on video smoking what appears to be crack cocaine, but his brother Coun. Doug Ford told reporters Wednesday that the story is untrue. more »

Must Watch

Latest Technology & Science News Headlines

Arctic bacteria discovered breeding at record –15 C

Arctic bacteria discovered breeding at record –15 C: Bacteria that can live and multiply in High Arctic permafrost at temperatures well below the freezing point of water have been discovered by a Canadian-led team of researchers, offering clues about the types of organisms that might exist in similar extreme environments elsewhere in our solar system. more »

Video forensics: How easy would it be to fake a Rob Ford video?: Two media outlets reported last week that they had seen a cellphone video of Mayor Rob Ford allegedly smoking crack, a claim that has gone global. If a video does surface, how easy would it be to determine its authenticity? CBC News asked video forensic analyst David McKay. more »
Internet bill would unlock personal details, says watchdog: The Harper government's recent bid to give police more information about Internet users would have unlocked numerous revealing personal details — from web-surfing habits to names of friends, says a new study by the federal privacy watchdog. more »
Xbox One: A closer look: The design, performance, Kinect camera, controller, requirements and limitations of Microsoft's Xbox One get a critical look. more »
How the weather info that storm chasers use can keep you safe: Radar imagery and a stream of weather information are readily available to the public when severe weather bears down. more »

More Headlines »

Bob McDonald's Blog

Chris Hadfield: The gravity of gravity May. 17, 2013 9:58 AM After five months of being Superman and a media superstar, Canadian astronaut Chris Hadfield is now beginning the challenging task of adapting his mortal body and brain to life back on Earth.

Quirks & Quarks

May 25: The Origin of Feces May. 22, 2013 11:36 AM Cow pies, scat, droppings, guano, dung, manure, night soil, poop, fecal matter, sh*t. Call it what you may, excrement plays a crucial role in evolution, culture and the environment.