Bell Media has received regulatory approval for its second bid to buy Astral Media and its package of TV specialty channels and radio stations, a deal worth $3.4 billion deal.
The Canadian Radio-television and Telecommunications Commission announced its decision after markets closed today, after initially rejecting Bell's bid for Astral last fall stating it wasn't in the best interest of Canadians because the acquisition would place too much market power in the hands of one company.
In the revised bid, Bell agreed to sell some of Astral's specialty TV channels and radio stations to address concerns about the company dominating the market.
Bell has permission to buy Astral's 84 radio stations and 25 specialty TV services, with Bell agreeing to sell Astral's stakes in 11 specialty channels and 10 English-language radio stations.
In the northwest, Astral Media operates CFTK TV, CFJW and EZ Rock.