MONTREAL, Oct. 25, 2012 /CNW Telbec/ - Astral Media Inc. (ACM.A ACM.B) today
announced that it has been advised that, in accordance with the terms of the
arrangement agreement dated March 16, 2012, BCE Inc. (Bell) has elected to
postpone the Outside Date to December 16, 2012. Each of Bell and Astral has
the right to further postpone the Outside Date by an additional period of 30
days to January 15, 2013.
The transaction is subject to closing conditions, including regulatory
approvals from the CRTC and the Competition Bureau. On October 18, 2012, the
CRTC issued its decision on Bell's application for authority to acquire and
change the effective control of the Company and denied Bell's application. On
October 22, 2012, Bell submitted its request that the Federal Cabinet issue a
policy direction to the CRTC, under Section 7 of the Broadcasting Act, that
directs the CRTC to follow its existing policies when reviewing change of
control transactions in broadcasting. Bell stated that with such a Cabinet
policy direction in place, it would then re-submit a Change of Control
Application to the CRTC. There can be no assurance that the transaction will
occur, or that it will occur on the terms and conditions currently
This press release contains certain forward-looking statements concerning the
future performance 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
Founded in 1961, Astral is one of Canada's largest media companies. It
operates several media properties—pay and specialty television, radio,
out-of-home advertising and digital media properties—among the most popular
in the country. Astral plays a central role in community life across the
country by offering diverse, rich and vibrant programming that meets the
tastes and needs of consumers and advertisers alike. To find out more about
Astral, go toastral.com.
Olivier Racette Advisor, Corporate Communications Astral Media inc.
SOURCE: ASTRAL MEDIA INC.
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-0- Oct/25/2012 19:24 GMT
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