Canada’s broadcast regulator has rejected a bid by Bell to acquire Astral Media.
The announcment was made after the stock market closed in Toronto.
The CRTC says the 3.4-billion dollar deal would’ve been bad for Canadians, adding it would have placed significant market power in the hands of one of the country’s largest media companies.
Lindsey Pinto of openmedia.ca says the regulator made the right call.
“They’ve taken a really strong, pro-citizen, pro-consumer stand and it’s an amazing victory for the thousands of Canadians who spoke out against this deal.”
In Vancouver, Bell owns one TV station and four radio frequencies.
It already planned to sell Astral’s three radio stations had the takeover been granted.
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