Bell Canada announced Friday that it has agreed to buy Montreal-based Astral Media Inc. for $3.38 billion.
Canada’s largest telecommunications company will acquire all of Astral’s assets, including pay television channels, radio stations, digital media properties and out-of-home advertising platforms in Quebec and across the rest of Canada.
BCE also owns Bell Media, which operates FAB 94.3, 99.9 BOB FM and TSN Radio 1290 in Winnipeg. Astral’s local radio properties include Hot 103 and QX 104.
The deal also includes $380 million in debt, according to a joint news release issued by the two companies.
Astral employs approximately 2,800 people across Canada, with about half of their team located in Quebec. The acquisition will grow Bell’s Canadian team to almost 19,000 people.
The transaction still requires approval from the Canadian Radio-television and Telecommunications Commission and the Competition Bureau.