Astral’s Harold Greenberg Fund’s English-Language Program (Fund) is pleased to announce its latest round of funding for 27 new and ongoing projects through its Script Development Program. Read More

Astral Media Inc. (Astral) and BCE Inc. (Bell) today announced they have replied to interventions filed with the Canadian Radio-television and Telecommunications Commission (CRTC), part of the CRTC’s process to review the proposed transaction to unite Astral and Bell Media. Read More

Astral Media Inc. (TSX: ACM.A ACM.B) today reported its financial results for the second quarter ended February 28, 2013, which saw continued growth in net earnings, EPS, EBITDA2, revenues and cash flow from operations2. Read More

Astral Media Inc. (Astral) and BCE Inc. (Bell) today welcomed the public gazetting of their revised application to the Canadian Radio-television Telecommunications Commission (CRTC) to unite Astral and Bell Media. Read More

Astral Media Inc. today announced that the Canadian Competition Bureau (the “Bureau”) has issued a “no action letter” in connection with its previously announced acquisition by BCE Inc. (“Bell”). The issuance of this letter constitutes one of the two required regulatory approvals contemplated in the arrangement agreement entered into by Astral and Bell in connection with the transaction.  Read More

Today, the Canadian Radio-television and Telecommunications Commission (CRTC) denied BCE’s application to acquire control of Astral Media’s television and radio services because it is not in the public interest. Astral Media operates 84 radio stations and 20 pay and specialty television channels in both official languages. Read More

Today’s effort by certain cable/media competitors to launch a public misinformation campaign around Bell’s acquisition of Astral Media is clear evidence that the competitive landscape is changing, and the new reality has competitors worried. Read More

The following is a open letter for Canadian TV viewers. Read More

Astral Media Inc. (TSX: ACM.A ACM.B) today announced that it has entered into a definitive agreement with BCE Inc. (“Bell”) for the sale of the Company through the acquisition of all of its issued and outstanding shares. Upon closing of this transaction, Bell will acquire all of Astral’s pay and specialty television services, radio stations, digital media properties and out-of-home advertising activities.

The transaction is valued at approximately $3.38 billion, including net debt of $380 million, and will be funded with a combination of cash (approximately 75% of the equity purchase price) and BCE common equity (approximately 25% or $750 million), with Bell retaining the right to replace shares with cash, in whole or in part, at closing.

Bell will acquire all Class A Non-Voting Shares of Astral for $50 per share, representing a premium of 39% based on Astral’s volume-weighted average closing share price on the TSX for the last five trading days, for a total consideration of approximately $2.8 billion. Bell will also acquire all Class B Subordinate Voting Shares for $54.83 per share, for a total consideration of approximately $151 million, and all Special Shares for a total consideration of $50 million.

“This is an exciting moment in the history of Astral,” said Ian Greenberg, President and CEO. “We believe that the transaction with Bell is an excellent opportunity for Astral, its shareholders and employees. After 15 years as commercial partners, we know each other well and share many important values. The fit between our two companies is a natural and I look forward to seeing our brands become even stronger as part of the Bell family.”

“Astral is very proud of its heritage. We owe our success to our talented and dedicated team at all levels. On behalf of the Greenberg family and Astral’s Board of Directors, I would like to thank all our employees across the different regions of Canada. Without their commitment and hard work, we could not have achieved this level of success,” concluded Mr. Greenberg.

“Bell welcomes Astral and its strong team of media professionals, who have built an outstanding national media business, especially in the competitive Québec marketplace. Ian Greenberg is a renowned champion of Canadian broadcasting and we look forward to welcoming him to our Board of Directors when the transaction closes,” said George Cope, President and CEO of Bell Canada and BCE Inc. “This transaction further accelerates Bell’s strategy to deliver leading content like Astral’s across our world-leading networks to all the broadband screens – TV, smartphone, tablet or computer – that our customers may choose.”

The Board of Directors of Astral, acting on the unanimous recommendation of the Special Committee comprised solely of independent directors, has unanimously approved the transaction and recommends that Astral shareholders approve it. All holders of Special Shares and the largest minority holder of Class B Subordinate Voting Shares, collectively representing a majority of the voting shares of Astral, have entered into agreements with Bell supporting the transaction. The financial advisor to the Special Committee of the Board of Directors of Astral provided an opinion that the consideration proposed to be paid to Astral shareholders is fair from a financial point of view.

The definitive agreement between Bell and Astral provides for a non-solicitation covenant on the part of Astral, subject to customary “fiduciary out” provisions, and a right in favour of Bell to match any superior proposal. A termination fee of $100 million is payable to Bell in certain circumstances, including if it fails to exercise its right to match in the context of a superior proposal supported by Astral.

The transaction is subject to customary closing conditions, including shareholder and regulatory approvals and a reverse break fee of up to $150 million would be payable by Bell to Astral if the transaction does not close for regulatory reasons. The transaction will be implemented by way of a plan of arrangement under the Canada Business Corporations Act. Shareholders will be asked to vote on the transaction at a special meeting to be held on or prior to May 25, 2012.

A proxy circular will be prepared and mailed to shareholders over the coming weeks providing shareholders with important information about the transaction. A material change report, which provides more details on the transaction, will be filed with the Canadian securities regulatory authorities and will be available at www.sedar.com.

Stikeman Elliott LLP is acting as legal advisor to Astral and Goodmans LLP is acting as independent legal advisor to the Special Committee. RBC Capital Markets is acting as exclusive financial advisor to Astral and National Bank Financial is acting as independent financial advisor to the Special Committee.

This press release contains certain forward-looking statements concerning the future performance of the Company, including, but not limited to, statements relating to the proposed acquisition by BCE Inc. of all of the issued and outstanding shares of the Company. These forward-looking statements are based on current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including technological change, economic conditions, regulatory change, competitive factors and changes in accounting rules or standards, many of which are beyond the Company’s control. We disclaim any intention or obligation to update or revise any forward-looking statements. The completion of the above-mentioned proposed transaction is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, any required regulatory approvals, including approval by the CRTC, Competition Bureau and TSX. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The proposed transaction could be modified, restructured or terminated.

Astral Media currently operates the following TV channels:
- Canal D
- Canal Vie
- Cinépop
- Disney XD
- Disney Junior
- Family
- HBO Canada
- Historia
- VRAK.TV
- MPix
- Musique Plus
- Musimax
- Séries+
- Super Écran
- Teletoon (owns 50% of both french and english channels)
- Teletoon Retro (owns 50% of both french and english channels)
- The Movie Network
- Viewer’s Choice
- Z Télé

Note: Originally posted on March 16th, 2012

Astral Media Inc. launched its brand new astral.com website—a project undertaken following the decision to create a new visual identity to reflect the company’s evolution and its culture driven by passion and creativity.
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