Astral Media Inc. is still talking with Bell in hopes of finding a way to have the friendly takeover by the telecom giant win regulatory approval.
The CRTC killed the $3.4-billion deal last month, saying it wasn’t in the best interests of Canadians.
Astral said Friday that it’s continuing to pursue regulatory approvals, including the filing of an application with the Canadian Radio-television and Telecommunications Commission.
The deal is subject to approval by the CRTC and the Competition Bureau.
“While it is Astral’s policy not to comment on market rumours or speculation, Astral today confirms that it is in discussions with Bell to continue pursuing regulatory approvals for Bell’s acquisition of Astral, including, among other options, the filing of an application with the Canadian Radio-television and Telecommunications Commission,” Astral said in a statement released mid-day Friday.
Trading in Astral shares on the Toronto Stock Exchange had been halted before the announcement.
“The timing and details of any such application have not yet been determined,” Astral said.
The Globe and Mail newspaper reported Friday that those familiar with the talks say the new deal seeks to overcome regulatory opposition with a plan to auction off a number of Astral’s English broadcast assets. (Rogers Media, for one, has already expressed some interest.)
Astral Media owns 25 TV specialty services including the Movie Network, and more than 80 radio stations.
Bell has postponed the deadline for the deal until Dec. 16 and both parties can further extend it by one month.
BCE, which owns the CTV television network, sees Astral as a way to increase the amount of digital content for computers and mobile devices like smartphones and tablets as well as traditional TV.
