The CRTC identified multiple problems with the Bell bid (radio, tangible benefits, lack of evidence that bigger is better online), but the conclusion says it all:
The Commission finds that BCE has not discharged its burden and demonstrated that, on balance, this transaction is in the public interest. The benefits proposed would advantage BCE and its services, but the Commission is not persuaded that the transaction would provide significant and unequivocal benefits to the Canadian broadcasting system and to Canadians sufficient to outweigh the concerns described above.
While demonstrating that the transaction is in the public interest is always the language used in these proceedings, the CRTC has in the past focused on the tangible benefits package (ie. the multi-million dollar payments to creator groups) as the primary proxy for public interest. No longer. The CRTC’s focus today is unequivocally on the broader public interest with consumer impact the leading concern.