As they look to have their acquisition approved by necessary government bodies, the Competition Bureau has approved the deal that would allow Bell Media to acquire Astral. The deal has previously been shot down by the CRTC, and rivals Rogers and TELUS have been doing everything they can to make sure it does not go through, but it just might be too late. Yesterday the the Canadian Competition Bureau issued a “no action letter” in connection with its previously announced acquisition by BCE.
“Competition Bureau clearance is a key milestone in the progress of our transaction and reflects Astral and Bell’s commitment to making sure that the consumer always comes first” said Ian Greenberg, President and CEO of Astral. “Together, Astral and Bell Media will have the scale to invest, compete and deliver on the opportunities ahead for all Canadians in this rapidly changing media landscape and I look forward to continuing to work in close collaboration with Bell’s team towards securing CRTC approval for the transaction”.
The $3.38 billion deal has been in the works since it was first announced on March 16, 2012 and was approved by Astral’s shareholders, but still has not been approved by the CRTC.
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