Bell’s (TSX:BCE) $3.2 billion acquisition of Astral Media Inc. (TSX:ACM.A) is officially complete today, Bell announced this morning.
This announcement comes just days after the Canadian Radio-television and Telecommunications Commission (CRTC) granted its approval of the transaction.
Bell had announced its intentions to acquire Astral for $3.38 billion in March 2012. The CRTC, however, originally rejected the transaction, stating the deal would result in excessive dominance of the industry.
Bell revised its bid in November 2012 and agreed to sell off a number of Astral’s specialty radio stations and TV channels, leading to the CRTC’s approval.
“Our union with Astral is full of opportunity for our audiences, our industry and our team members,” said Bell Media president Kevin Crull.
“Our objective is to create content and build brands that entertain, inform, engage and inspire audiences through the platforms of their choice.
“We will deliver on our commitment to provide world-class content to our listeners and viewers, as we make significant investments in the Canadian broadcasting system.”
