Canada regulator rejects BCE's bid for Astral on consolidation concern
October 20, 2012, 12:06 am TWN
TORONTO -- Canada's broadcast regulator rejected BCE Inc.'s bid to buy Astral Media Inc. for US$3.4 billion, saying the deal would have resulted in an unprecedented level of consolidation in the country's media landscape.
BCE, Canada's largest telecommunications company, said Thursday it was “appalled” by the decision and vowed it would ask the federal cabinet to intervene. BCE had wanted to create a media powerhouse with more content to deliver to televisions, tablets and mobile devices.