<SEC-DOCUMENT>0001193125-12-118571.txt : 20120316
<SEC-HEADER>0001193125-12-118571.hdr.sgml : 20120316
<ACCEPTANCE-DATETIME>20120316083125
ACCESSION NUMBER:		0001193125-12-118571
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120316
FILED AS OF DATE:		20120316
DATE AS OF CHANGE:		20120316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		12695752

	BUSINESS ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3
		BUSINESS PHONE:		514-786-3891

	MAIL ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d317484d6k.htm
<DESCRIPTION>FORM 6-K
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<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 6-K </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 under </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>the Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>For the month of: March 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission File Number: 1-8481 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>BCE&nbsp;Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Translation of Registrant&#146;s name into English) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1, Carrefour
Alexander-Graham-Bell, Verdun, Qu&eacute;bec H3E 3B3, (514)&nbsp;870-8777 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by
check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding
any reference to BCE&nbsp;Inc.&#146;s Web site on the World Wide Web in the documents attached hereto, the information contained in BCE&nbsp;Inc.&#146;s site or any other site on the World Wide Web referred to in BCE&nbsp;Inc.&#146;s site is not a
part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BCE&nbsp;Inc.</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(signed) Alain Dussault</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alain Dussault</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Secretary</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 16, 2012</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release</FONT></P></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d317484dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g317484g66s50.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For Immediate Release </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Bell to acquire Qu&eacute;bec&#146;s leading media company Astral </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">$3.38-billion transaction establishes Bell as the leader in French-language media </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Astral&#146;s broad national media portfolio includes top-tier TV, radio, digital and out-of-home properties </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supports Bell strategy to deliver the best content across every broadband screen in Qu&eacute;bec </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Astral President&nbsp;&amp; CEO Ian Greenberg to join the BCE Board of Directors at closing </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MONTR&Eacute;AL, March&nbsp;16, 2012 &#150; BCE Inc. (Bell) today announced that it has signed a definitive agreement to acquire all of the issued and
outstanding shares of Montr&eacute;al-based Astral Media Inc. (Astral) and its leading specialty and pay television channels, radio stations, digital media properties and out-of-home advertising platforms in Qu&eacute;bec and across the rest of
Canada. Greatly strengthening Bell&#146;s competitive position in the important Qu&eacute;bec media marketplace, this transaction directly supports Bell&#146;s strategy of investment and innovation in broadband networks and content. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bell will acquire all Class&nbsp;A Non-Voting Shares of Astral for $50 per share, representing a premium of 39% based on Astral&#146;s volume-weighted
average closing share price on the TSX for the last five trading days, for a total consideration of approximately $2.8 billion. Bell will also acquire all Class B Subordinate Voting Shares for $54.83 per share, for a total consideration of
approximately $151 million, and all Special Shares for a total consideration of $50 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The transaction is valued at approximately $3.38
billion, including net debt of $380 million, and will be funded with a combination of cash (75% of the equity purchase price) and BCE common equity (25% or approximately $750 million), with Bell retaining the right to replace shares with cash, in
whole or in part, at closing. The enterprise value represents an approximate multiple of 10x estimated 2012 EBITDA (earnings before interest, tax, depreciation and amortization), consistent with similar recent media industry transactions including
Bell&#146;s acquisition of CTV in 2011. The acquisition will be immediately earnings and free cash flow per share accretive, supporting both Bell&#146;s heavy capital investment in broadband network development, especially in Qu&eacute;bec, and the
company&#146;s dividend growth objectives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Bringing together two respected and longstanding Montr&eacute;al brands, Bell&#146;s
acquisition of Astral firmly establishes our company as Qu&eacute;bec&#146;s media leader. Bell is gaining a well-seasoned national Astral management team, dramatically expanding our French-language content, and more than levelling the playing field
with our largest broadcast media competitor in Qu&eacute;bec. We greatly look forward to welcoming Astral&#146;s renowned leader Ian Greenberg to our Board of Directors,&#148; said George Cope, President and CEO of BCE Inc. and Bell Canada.
&#147;Astral&#146;s strong financial position enables Bell to further accelerate our significant investment in broadband innovation across Qu&eacute;bec, such as our launch this month of ultra high speed Fibe service directly to homes and businesses
across Qu&eacute;bec City and our rollout of next-generation mobile LTE. With our advanced networks and next-generation Mobile TV and Fibe TV services, Bell looks forward to delivering Astral&#146;s unbeatable content to customers in new and
innovative ways.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;This transaction with Bell represents an exciting moment in the history of Astral, and an excellent opportunity
for our company, our shareholders and our employees. We have come to know Bell very well as a long-time commercial partner, and the fit between our two companies is a natural,&#148; said Ian Greenberg, President and CEO of Astra Media. &#147;On
behalf of the Greenberg family and Astral&#146;s Board of Directors, I would like to thank all of our employees across the different regions of Canada. Without their commitment and hard work, we could not have achieved this level of success.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors of Astral, acting on the unanimous recommendation of the Special Committee comprised solely of independent directors,
has unanimously approved the transaction and recommends that Astral shareholders approve it. All holders of Special Shares and the largest minority holder of Class B Subordinate Voting Shares, collectively representing a majority of the voting
shares </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/4
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 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of Astral, have entered into agreements with Bell supporting the transaction. The financial advisor to the Special Committee has provided an opinion that the consideration proposed to be paid to
Astral shareholders is fair from a financial point of view. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The agreement between Bell and Astral provides for a non-solicitation covenant on
the part of Astral, subject to customary &#147;fiduciary out&#148; provisions, and a right in favour of Bell to match any superior proposal. If Bell does not exercise its right to match, Bell would receive a termination fee of $100 million should
Astral support any superior proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The transaction will be effected through a plan of arrangement and is subject to customary closing
conditions, including court, shareholder and regulatory approvals. A reverse break fee of up to $150 million would be payable by Bell to Astral should the transaction not close for regulatory reasons. Astral has agreed not to declare or pay
dividends on any class of its shares through to the closing date. Astral shareholders will vote on the transaction by May&nbsp;25. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
transaction provides multiple other benefits for the Bell team and its strategy, including enhanced control of rising content costs, particularly French-language media, and strong opportunities for cross-platform innovation and advertising packages
spanning digital, TV, radio and out-of-home advertising. Astral products currently represent Bell&#146;s largest single content cost. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Astral
operates 22 television services (including 13 French-language channels), with premium offerings like Super &Eacute;cran, The Movie Network and HBO Canada, and top specialty brands such as Canal Vie, Canal D, VRAK TV, MusiquePlus,
T&eacute;l&eacute;toon/Teletoon, Family and Disney Junior; 84 radio stations in 50 markets, including big brands like NRJ, Virgin Radio, Rouge fm, EZ Rock and boom; more than 100 websites and digital media properties; and 9,500 out-of-home
advertising signage locations in Qu&eacute;bec, Ontario and British Columbia. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Astral team will join the Bell Media business unit, which
was formed in April 2011 following Bell&#146;s acquisition of CTV, Canada&#146;s largest media company. With the addition of Astral, Bell Media will become a $3-billion national media leader with annual EBITDA of more than $850 million. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Astral employs approximately 2,800 people across Canada, with about half of the team located in Qu&eacute;bec, which will grow Bell&#146;s team here to
almost 19,000 people. Founded in Montr&eacute;al in 1880 and by far the largest communications company in Qu&eacute;bec, Bell is Qu&eacute;bec&#146;s second-largest non-retail private sector employer, after only Desjardins. Bell is continuing to
expand its service and network teams in Qu&eacute;bec and across Canada to support new services such as Fibe TV and Fibe Internet. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To drive
its broadband growth strategy, Bell has made significant investments in content and network distribution including the acquisition of CTV, an ownership stake in the Montr&eacute;al Canadiens, and Maple Leafs Sports and Entertainment (MLSE &#150;
expected to close in mid-2012); the ongoing rollout of fibre to the home, including to Qu&eacute;bec City this month; the deployment of next-generation mobile LTE to cities across Canada; the earlier launch of Bell Fibe TV and Fibe Internet in
Montr&eacute;al and Toronto; and the continuing development of leading Bell Mobile TV and online TV services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With capital expenditures of
approximately $3 billion per year, Bell spends more on new wireless and wireline fibre networks and more on Canadian R&amp;D than any other communications company. Bell is dedicated to delivering the best content across Canada&#146;s best networks
to all 4 screens &#150; TV, smartphone, tablet and computer. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Call with Financial Analysts </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bell will hold a conference call for financial analysts to discuss the Astral acquisition on Friday, March&nbsp;16 at 8:30 a.m. (Eastern). Media are
welcome to participate on a listen-only basis. To participate, please dial 1-866-223-7781 shortly before the start of the call. A replay will be available for one week by dialing 1-800-408-3053 and entering passcode 6700965#. A live audio webcast of
the call will be available on BCE&#146;s website at <U>http://www.bce.ca/investors/investorevents/all/show/bce-announcement</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2/4
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<IMG SRC="g317484g66s50.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Astral </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Founded in 1961, Astral Media Inc. (TSX: ACM.A/ACM.B) is one of Canada&#146;s largest media companies. It operates several media properties &#150; pay and specialty television, radio, out-of-home
advertising, and digital &#150; 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 <U>Astral.com</U>. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Bell </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BCE Inc. (TSX, NYSE: BCE) is Canada&#146;s largest communications company, with the Bell and Bell Aliant brands providing a comprehensive and innovative
suite of broadband wireless and wireline communication services to residential and business customers across Canada. Bell Media is Canada&#146;s premier multimedia company with leading assets in television, radio and digital media, including CTV,
Canada&#146;s #1 television network, and the country&#146;s most-watched specialty channels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Bell Mental Health Initiative is a
multi-year charitable program that promotes mental health across Canada via the Bell Let&#146;s Talk anti-stigma campaign and support for community care, research and workplace best practices. To learn more, please visit <U>Bell.ca/LetsTalk</U>.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For BCE corporate information, please visit <U>BCE.ca</U>. For Bell product and service information, please visit <U>Bell.ca</U>. For Bell
Media, please visit <U>BellMedia.ca</U>. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Caution Concerning Forward-Looking Statements </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain statements made in this news release, including, but not limited to, statements relating to the proposed acquisition by BCE Inc. of all of the
issued and outstanding shares of Astral Media Inc., certain strategic benefits and operational, competitive and cost efficiencies expected to result from the transaction, and other statements that are not historical facts, are forward-looking.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations
expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. The
forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake
any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving
information about the proposed transaction referred to above and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. The completion of the above-mentioned proposed transaction is subject to
customary closing conditions, termination rights and other risks and uncertainties including, without limitation, court, shareholder and regulatory approvals, including approval by the CRTC, Competition Bureau and TSX. 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. There can also be no assurance that the
strategic benefits and competitive, operational and cost efficiencies expected to result from the transaction will be fully realized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For
more information: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Media inquiries: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Marie-&Egrave;ve Franc&#156;ur </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bell Media Relations </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(514) 391-5263 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>marie-eve.francoeur@bell.ca</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3/4
</FONT></P>


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<IMG SRC="g317484g66s50.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investor inquiries: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Thane Fotopoulos </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BCE Investor Relations </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(514) 870-4619 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>thane.fotopoulos@bell.ca </U></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4/4
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
