After 11 consecutive years of record performance Astral Media still poised for more growth

                     -Strong platform for organic growth
                           -Accretive acquisition
                         -Increased Dividend Payment
                     -Renewal of Share Buy-Back Program

    TORONTO, Dec. 5 /CNW Telbec/ - Astral Media Inc. (TSX: ACM.A/ACM.B) today
held its 2007 Annual Meeting of Shareholders at which Mr. Ian Greenberg,
President and Chief Executive Officer, explained that Astral Media's platform
for organic growth was stronger than ever. "We are very much present in the
four fastest-growing media categories in Canada: specialty and pay TV, radio,
outdoor advertising and interactive media. All our business units are
recording strong performance quarter after quarter and are contributing
healthy results achieved primarily through organic growth." Mr. Greenberg
added: "Astral Media will create additional opportunities for organic growth
and profit by being innovative with technology while remaining focused on
    Mr. Greenberg also explained that it was precisely because of Astral
Media's consistent financial performance and disciplined approach that the
Company was able to successfully conclude on two major opportunities in Fiscal
2007: the Standard Radio acquisition and the Toronto Urban Street Furniture
    The Company also announced an increase of 25% to its annual dividend,
from 40 to 50 cents per share. "Astral Media has now more than tripled its
dividend payment to shareholders since Fiscal 2004, a clear demonstration of
our commitment and of the confidence we have in our ability to create more
value and continue to grow this Company," said Mr. Greenberg.
    "The hard work of our employees and management team, and the wise advice
of our board members are key determinants of our past and future successes,
and I wish to express my sincere appreciation, both personally and on behalf
of our shareholders." concluded Mr. Greenberg.
    The Company also announced that the Board of Directors had approved the
renewal of its normal course issuer bid. The Company intends to purchase for
cancellation, through the facilities of the Toronto Stock Exchange, up to
1,400,000 Class A Shares and up to 71,400 Class B Shares. This represents no
more than 2.6% of the 54,654,999 issued and outstanding Class A Shares as at
November 30, 2007 and no more than 2.6% of the 2,788,022 issued and
outstanding Class B Shares as at November 30, 2007. The shares will be
purchased for cancellation in accordance with applicable regulations of the
Toronto Stock Exchange over a maximum period of 12 months beginning on
December 13, 2007 and ending on December 12, 2008. On a daily basis, the
Company will not be entitled to purchase more than 25% of the average daily
trading volume calculated for the past six months on its Class A Shares being
33,210 Class A Shares, and a maximum of 1,000 of its Class B Shares. The
Company believes that the purchase of the Class A Shares and Class B Shares is
an economically worthwhile use by the Company of its funds and is in the best
interest of the Company and its shareholders. The Company has purchased
186,700 of its Class A Shares at an average price of $41.48 per share and none
of its Class B Shares from December 13, 2006 to December 4, 2007 under the
currently outstanding normal course issuer bid which expires on
December 12, 2007.
    The Annual Shareholder's Meeting was webcasted on Astral Media's website
at and will be archived on the site until March 2008. Copies
of managements' remarks in both English and French may also be obtained on the

    Astral Media is a leading Canadian media company, active in specialty,
pay and pay-per-view television, radio, outdoor advertising and iMedia. Astral
Media's solid and dynamic presence in the country's major markets rests on it
commitment to offer a unique combination of high-quality, targeted media for
all its audiences.

    This press release contains certain forward-looking statements concerning
the future performance 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

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at
    Additional archived images are also available on the CNW Photo Archive
    website at Images are free to accredited
    members of the media/

For further information:

For further information: Medias: Alain Bergeron, Vice-President, Brand
Management and Corporate Communications, Astral Media Inc., (514) 939-5000;
Financial Analysts: Claude Gagnon, Senior Vice-President and Chief Financial
Officer, Astral Media Inc., (514) 939-5000

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Astral Media Inc.

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