The $112 million deal comes as the media group has to divest properties to comply with the CRTC’s common ownership policy.
Sunni Boot, Bruce Neve, Shelley Smit and Michael Neale weigh in on the implications of the $3.4 billion deal getting the green light from the CRTC.
Bell Media will open new regional development offices in Halifax, Winnipeg and Vancouver as the acquisition, which closes July 5, moves forward.
The regulatory decision, with conditions, comes after an earlier bid to acquire the Canadian media group was rejected on competition grounds.
The fate of the English-language sports talk radio station figured large as the CRTC opened a hearing into the $3.38 billion takeover of Astral Media.
The sales, as part of the complex Bell-Astral deal, would make Corus the sole owner of these properties, contingent on approval by the CRTC.
Of the total, $124.5 million is earmarked for TV benefits, with 85% to be spent on indie on-screen productions, the companies say.
The transaction will see Corus Entertainment acquire six of Astral TV’s joint ventures and other broadcast and radio stations if the deal is approved by the CRTC.
Astral Media CEO Ian Greenberg (pictured) said the second go-around for BCE will include a “large” tangible benefits package to support Canadian content.
“We heard Canadians and the CRTC loud and clear – they want assurance that Astral joining with Bell Media will directly benefit consumers and creators,” Bell Canada topper George Cope said Monday.
The phone giant in an appeal to the feds said the regulator relied on a 1978 working paper “developed at a time when Canadians watched three or four channels via rabbit ears.”
The formal request to the federal cabinet will be made Monday under section 7 of the Broadcasting Act, and follows the CRTC denying its $3.38 billion transaction in a shock decision on Thursday.