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

Cineplex asks: Will lightning hit world’s biggest popcorn bag?

Promotion in Windsor builds on #WeatherOrNot campaign

3D printed origami birds burst out of Kubo shelter ad

Isobar, Astral drive bus passengers' attention to eOne movie poster

Plastic Mobile sends U.S. startups a Canada starter pack

Self-promo effort was designed to boost awareness of Canada's tech scene

On The Move: Hires at Twitter Canada, Initiative, The Idea Suite

A weekly update of who's headed where in Canadian marketing and communications

Shomi: The data

Streaming video service releases aggregated user info to mark one-year-anniversary

Twitter Canada announces new head of news and government

Former politican and journalist Jennifer Hollett takes over for Steve Ladurantaye

CRTC issues order for simsub removal

Regulator says no new evidence to suggest broadcasters can't benefit from ad sales

Rio Games attract 32.1 million Canadians

Men's 200m final the most-watched event