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Friday, September 10, 2010

Bell Buys CTV for $1.3B

Bell (BCE) announced on Friday that it is buying Canadian media company CTV. The takeover deal will cost Bell $1.3 Billion and will give them complete control of the company, which includes a 15% stake in the popular Globe and Mail newspaper. BCE has already been a long time shareholder of CTV and has decided to up its stake. The company previously owned 15% of CTV. The takeover will increase Bell's television assets, and will make them a more competitive entity against rivals such as Rogers.