Astral records a 15th consecutive year of growth

• 6% increase in revenues and 5% increase in EBITDA¹,⁴ for the year
• 7% increase in net earnings²and 8% in diluted EPS² for the year

Montréal, October 25, 2011 - Astral Media Inc. (TSX: ACM.A ACM.B) today reported solid financial results for the fourth quarter and the year ended
August 31, 2011 and delivered continued growth in revenues, EBITDA¹, net earnings, EPS, and cash flow from operations³.

"I am very pleased with the strong performance displayed by our three business segments in the fourth quarter and by their balanced contribution to a strong finish to the year. Fiscal 2011 marks the Company's 15th consecutive year of profitable growth and the first time in Astral's history that we surpass the billion dollar revenue mark," said Ian Greenberg, President and Chief Executive Officer. "We are now entering into a challenging economic and advertising environment and remain fully committed to apply the same discipline and focus on cost optimization that have underpinned our past successes".

In Fiscal 2011, consolidated revenues totalled $1,015.4 million, an increase of 6% over the $961.0 million recorded last year. EBITDA¹ for the 12-month period increased 5% to $319.0 million from $303.0 million⁴ in Fiscal 2010. Consolidated net earnings for Fiscal 2011 increased by 7% over last year, to $185.2 million ($3.25 per share, diluted) from $172.9 million² ($3.02 per share², diluted).
Fiscal 2010 net earnings and earnings per share exclude the non-cash impact of a future income tax recovery, the non-cash impact of the Part II licence fees accrual reversal, and the retroactive Copyright Board tariff increases.

In the fourth quarter, consolidated revenues reached $247.6 million, a 4% increase over the $238.4 million reported last year for the same period. EBITDA¹ grew 6% in the fourth quarter to $77.4 million from $72.8 million⁵ for the same period last year. Consolidated net earnings for the fourth quarter increased by 8% over the same quarter last year, to $47.8 million ($0.85 per share, diluted) from $44.3 million² ($0.77 per share², diluted). Fiscal 2010 net earnings and earnings per share exclude the retroactive Copyright Board tariff increases.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Television

• Revenue growth of 6% for the year (3% for the fourth quarter);
• Advertising revenue growth of 13% for the year (6% for the fourth quarter);
• Subscriber-related revenue growth of 4% for the year (3% for the fourth quarter);
• EBITDA¹ growth of 5% for the year⁴ (4% for the fourth quarter);
• Launch of the new Disney XD service on June 1.

Radio

• Revenue growth of 2% for the year (1% for the fourth quarter);
• EBITDA¹ growth of 2% for the year⁴ (6% for the fourth quarter)5;
• In August, rebranding of the nine-station RockDétente radio network in the province of Québec to the new Rouge fm brand.

Out-of-Home

• Revenue growth of 21% for the year (18% for the fourth quarter);
• EBITDA1 growth of 18% for the year (13% for the fourth quarter);
• In June, awarding to Astral of a long-term exclusive agreement by the Agence métropolitaine de transport (AMT) in the Greater Montréal Area to manage advertising aboard trains, in train stations, park-and-ride-facilities, as well as metropolitan terminals;
• Subsequent to year-end, launch of the new 240-faces Signature advertising columns in the heart of downtown Toronto.

Corporate

• Subsequent to the end of the year, the Company announced on
  October 25, 2011, the signing of a new credit agreement whereby it will have access to a $700 million five-year unsecured revolving facility.

The audited consolidated financial statements and related notes and the Management's Discussion and Analysis are available on the Company's website: www.astral.com. There will be a conference call with analysts and media at
2:00 p.m. on Tuesday, October 25, 2011. To access the conference call dial
1-800-731-5319. The conference call will also be broadcast live and archived for a three-month period on the Astral website at www.astral.com.

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 statements.

Founded in 1961, Astral is one of Canada's largest media companies. It operates several of the country's most popular pay and specialty television, radio, out-of-home advertising and digital media properties. 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. To learn more about Astral, visit www.astral.com.

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1. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. See Appendix 1.
2. See Appendix 1 for the reconciliation of the Fiscal 2010 net earnings and diluted EPS presented in the Company's consolidated financial statements and those presented in this press release.
3. See Appendix 1.
4. Excluding the favourable impact of the Part II licence fees accrual reversal in Television and Radio, and the unfavourable impact of the retroactive Copyright Board tariff increases in Radio, both recorded in Fiscal 2010. See Appendix 1 and details in the Management's Discussion and Analysis.
5. Excluding the unfavourable impact of the retroactive Copyright Board tariff increases recorded in Fiscal 2010. See Appendix 1 and details in the Management's Discussion and Analysis.