No benefits: Commission approves new BGM structure ("Hard to believe," says Langford)

OTTAWA – Bell Canada Enterprises'; $685 million divestiture of control of media company Bell Globemedia has been approved by the CRTC. BGM is 68.5% controlled by BCE, with the rest owned by Thomson Family company Woodbridge Inc. The proposed new structure, announced in December, will see BCE sell all but 20% of its position in the company to the Ontario Teachers Pension Plan (which will hold 20%), Torstar Inc. (20%) and Woodbridge (boosting its holdings to 40%). However, all involved parties are awaiting a decision by the Competition Bureau as well, so the date of final closing has not yet been...