TORONTO -- BCE Inc. and Astral Media Inc. are poised to announce a new takeover deal, according to a report from the Globe and Mail.

People familiar with the talks say the new deal seeks to overcome regulatory opposition with a plan to auction off a number of Astral's English broadcast assets.

The sources also tell the newspaper that terms of the transaction have largely been finalized and a deal could be announced as early as today.

The Globe says the two Montreal media giants reignited discussions days after a planned $3.4 billion takeover of Astral (TSX:ACM.A) by BCE (TSX:BCE) was scuttled.

The Canadian Radio-Television and Telecommunications Commission nixed Bell's friendly takeover, saying it wasn't in the best interests of Canadians.

The deadline for the deal to be completed has been extended to Dec. 16. One person familiar with the discussions told the newspaper there "will be an Act Two here that will be workable."


BCE is the parent company of CTV