Astral Media shareholders approve BCE takeover deal

Investors holding each of Astral Media's three classes of shares voted over 99% in favor of the takeover deal during a meeting in Montreal.

As expected, investors in Astral Media on Thursday overwhelmingly approved BCE’s $3 billion takeover of the Canadian broadcaster at a special shareholders meeting in Montreal.

Investors holding each of Astral Media’s three classes of shares voted over 99% in favour of the takeover deal.

“I look forward to continuing to work in close collaboration with Bell’s team towards securing regulatory approvals for the transaction and its completion later in 2012,” Ian Greenberg, Astral’s president and CEO, said in a statement, looking ahead to possible court and regulatory approvals still to come for the deal.

Once approved, BCE will fold Astral’s TV, radio and outdoor advertising asset into its own expanding empire, which includes the CTV network and assorted specialty channels, wireless and landline phone services, high-speed Internet and satellite TV.