Astral Media shares plunge in wake of CRTC decision

Astral Media shares tumbled almost 17% in the wake of a stunning regulatory decision that blocks a $3.4-billion friendly takeover of the Montreal-based radio, television and billboard company by BCE. Astral’s A shares fell $7.84 to $39.16 in early trading on the TSX. The shares had been trading at about $36.25 before the deal was […]

Astral Media shares tumbled almost 17% in the wake of a stunning regulatory decision that blocks a $3.4-billion friendly takeover of the Montreal-based radio, television and billboard company by BCE.

Astral’s A shares fell $7.84 to $39.16 in early trading on the TSX.

The shares had been trading at about $36.25 before the deal was announced on March 16 but immediately shot up afterwards and remained above $49 for months.

Astral’s shares had fallen slightly after opposition to the deal intensified and investors began to speculate federal agencies would require changes to appease concerns about concentration of media ownership and the impact on BCE’s rivals.

For the most part, however, industry watchers had expected the deal go through with some modifications but it was rejected outright on Thursday by the CRTC.

Media Articles

AOL merges brands in Canada, unveils new production house

Consolidation mirrors similar moves in U.S. and U.K.

Kill the Goose,
Kill the Golden Egg (Column)

Tony Chapman says social media is ruining the spectacle of the Super Bowl ad

Media industry decries CRTC’s ‘loose-cannon’ simsub call

Revenues, rights deals on the line as Super Bowl comes off the table for advertisers

Canadians flock to YouTube to view ads ahead of Super Bowl

Plus, see which Super Bowl spots are trending globally

Facebook’s premium ad strategy paying off

Q1 growth beats expectations as network increases ad impact, decreases volume

CRTC banning simsub during Super Bowl

Canadians could see U.S. ads during the big game as soon as next year

A by-the-numbers look at #BellLetsTalk

The results from Bell's 2015 mental health campaign blow away previous years

Food Network Canada launching multiplatform cookbook project

Parent Shaw Media still seeking advertising partners for Great Canadian Cookbook

Quebecor Media restructures sales team

Sales executive says the category-specific approach will enable it to better address client needs