Bell Media, a subsidiary of Bell Canada (NYSE: BCE), has completed its $3.4 billion acquisition of Astral Media, a deal that immediately advances its standing in the country's media and television markets.
Crull (Source: Bell Media)
Led by Bell Media President Kevin Crull, the new 10-member leadership team includes a mix of executives from Astral and Bell Media. Meanwhile, Ian Greenberg, Astral's president and CEO, will take a seat on BCE's board.
Now that acquisition is complete, Bell Media's initial plans include the introduction of a new French specialty channel, Bell Media's TV Everywhere expands to French channels and new listening and viewing content.
Getting this acquisition done did not come without its challenges for BCE.
Initially, the Canadian Radio-television and Telecommunications Commission (CRTC) rejected BCE's acquisition application last October. The CRTC then approved the acquisition last month after BCE addressed the need to reduce their market clout by divesting various TV, radio and other media assets.
Under the terms of the agreement, BCE acquired all Class A Non-Voting Shares of Astral for CAD 50 (USD 47) per share and all Class B Subordinate Voting Shares for CAD 54.83 (USD 52.00) per share, for a total of CAD 151 million (USD 143 million), and all Special Shares for a total consideration of CAD 50 million (USD 47 million). The Astral Class A Shares and Class B Shares will be delisted from the Toronto Stock Exchange at the end of trading today.
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