MONTREAL, Nov. 16, 2012 /CNW Telbec/ – Astral Media Inc. (TSX: ACM.A
ACM.B) today issues a statement with respect to its acquisition by
Bell. 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 (CRTC). The timing and details of any such application have not yet been
determined. The Company will keep its investors informed of any
significant developments in this respect.

The acquisition of Astral by Bell is subject to regulatory approval by
the CRTC and the Competition Bureau. As announced on October 25, 2012,
Bell has elected to postpone the Outside Date for an agreement to
December 16, 2012, and each of Bell and Astral has the right to further
postpone the Outside Date to January 15, 2013. There is no assurance
that any transaction will occur or occur with the terms and conditions
currently contemplated.

This press release contains certain forward-looking statements
concerning the future performance of the Company, including, but not
limited to, statements relating to the proposed acquisition by BCE Inc.
of all of the issued and outstanding shares of the Company. These
forward-looking statements are based on current expectations. We
caution that all forward-looking information is inherently uncertain
and actual results may differ materially from the assumptions,
estimates or expectations reflected or contained in the forward-looking
information, and that actual future performance will be affected by a
number of factors, including technological change, economic conditions,
regulatory change, competitive factors and changes in accounting rules
or standards, many of which are beyond the Company’s control. We
disclaim any intention or obligation to update or revise any
forward-looking statements. The completion of the above-mentioned
proposed transaction is subject to customary closing conditions,
termination rights and other risks and uncertainties including, without
limitation, any required regulatory approvals, including approval by
the CRTC and the Competition Bureau. Accordingly, there can be no
assurance that the proposed transaction will occur, or that it will
occur on the terms and conditions contemplated in this news release.
The proposed transaction could be modified, restructured or terminated.

Founded in 1961, Astral is one of Canada’s largest media companies. It
operates several media properties – pay and specialty television,
radio, out-of-home advertising and digital – that are among the most
popular in the country. Astral plays a central role in community life
across the country by offering diverse, rich, and vibrant programming
that meets the tastes and needs of consumers and advertisers alike. To
learn more about Astral, please visit astral.com.

SOURCE ASTRAL MEDIA INC.