June 19, 2025 • 20 mins
The president of Bell Media is a native New Yorker and veteran TV executive who took the reins of one of Canada’s largest media conglomerates in 2023. He’s determined to raise the company’s profile as player in global content and platforms.
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Speaker 1 (00:00):
Sean, pronounce your last name for me. I want to
make sure I get it right.
Speaker 2 (00:03):
Cohen, straight out, straight out, Yeah, just like Cohen.
Speaker 3 (00:06):
They weren't giving jobs the Jews in World War Two,
and my grandfather changed it from Ian to A and.
Speaker 2 (00:10):
And he had a job the next day.
Speaker 1 (00:19):
Welcome to Strictly Business, Variety's weekly podcast featuring conversations with
industry leaders about the business of media and entertainment. I'm
Cynthia Littleton, co editor in chief of Variety Today. My
guest is Sean Cohen, President of Bell Media. Cohen is
a native New Yorker and a veteran of Any Networks
in Nielsen. He headed north in twenty twenty three to
(00:41):
take the reins of one of Canada's largest media conglomerates.
He's worked ever since to step up the volume of
activity across Bell's linear broadcast and cable channels, its streaming
platform Crave, and its radio stations. He wants to raise
Bell Media's profile as a player in globe content and platforms.
(01:02):
I've long thought it was odd that Canada's biggest media
firms remain, for the most part, something of a mystery
even among entertainment industry insiders. Even with all the co
productions and location work that has flowed across the fifty
five hundred mile border that the US shares with its
North American neighbor in recent decades, Cohen is working to
(01:22):
change that. I learned a lot from our conversation. Cohen
outlines Bell Media's assets and growth strategy. Bell Media is
a close corollary of NBC Universal as its parent company,
Bell operates cable systems just like NBCUS Big Daddy Comcast.
I got to know Cohen during his A and E
(01:42):
Networks days. I knew him to be a sharp thinker
and a good speaker. This interview has a lot of
insights on the parallels and contrasts between Canada and the US.
Of course, the subject of Trump and the unbelievable things
the President has said in recent months about the Great
White North did come up. That's all coming up after
(02:02):
this break. Sean Cohen, President of Bell Media, thank you
so much for joining me today.
Speaker 2 (02:22):
Thank you, Cynthia for having me.
Speaker 1 (02:24):
Sketch out for us kind of the size and scope
of the company, kind of where you fit in in
the Canadian landscape.
Speaker 2 (02:31):
Yeah, absolutely so, Cynthia.
Speaker 3 (02:33):
Bell Media is the largest media and entertainment player in
Canada by.
Speaker 2 (02:38):
A fair bed.
Speaker 3 (02:40):
It's a wholly owned subsidiary of a publicly traded communications
company called b Bell Canada Enterprises or BCE.
Speaker 2 (02:48):
So it's publicly traded on the New York and Toronto.
Speaker 3 (02:50):
Stock Exchange and it's the largest communications company in Canada,
Bell Media. It's part of what attracted me to bel
Media nineteen months ago was as a globally unique.
Speaker 2 (03:04):
Set of assets, brands, content and people.
Speaker 3 (03:08):
So amongst its biggest assets are it's the largest broadcast
network in CTV. That's actually it's not Connected TV, that's CTV.
Actually it's the We owned the as part of bel Media,
the largest Canadian owned streamer called Crave, very well distributed
(03:30):
and the fourth fourth in terms of distribution in the market.
We own the leading sports service called TSN, which is
actually minority owned by ESPN. We own the largest out
of home I think billboards and street furniture, the largest
out of home business in Canada generally called astral and
(03:54):
then a series of other businesses including a big big
set of pay TV channels, a set of audio assets,
radio and partnership with iHeart, a lot of obviously news
activities underneath the video and audio matters, with the largest
(04:17):
news service and a range of other other activities in there.
Speaker 2 (04:21):
I would say, just to give you a sense for.
Speaker 3 (04:23):
Size for twenty twenty four in Canadian dollars, about three
point three billion in revenues and about seven hundred and
fifty millions we need it out.
Speaker 1 (04:34):
You joined the company after working at A and E Networks,
after working at the Nielsen company. What attracted you to
go across the border to Bill Media?
Speaker 3 (04:43):
It started with a sense that this is a it
is a globally unique set of assets, brands, content people
and really beloved brands. The idea of if you had CBS,
so you know, the leading broadcast network at least by size,
and then you you had a combination between HBO.
Speaker 2 (05:03):
Max, HBO Max Stars, Hulu and a bunch of other
in one. Then you had clear channel in and out
of home business, you know.
Speaker 3 (05:13):
Then you had a sizeable portfolio of pay channels and
the second largest MVPD in in Bell We're in BC
in the parent go.
Speaker 2 (05:25):
It's just and on from there. It was just a
collection of leader leading positions across sports, entertainment and news
that really is beloved and really drives our stokes the
passions of over forty million Canadians. So you just had
your unusual set of assets. You had, as you mentioned
(05:47):
up front, a misunderstood, sometimes misunderstood and underestimated, you know,
set of assets.
Speaker 3 (05:53):
And I think of I think of that with Bell Media,
but I also think of that with Canada generally. I
think the market generally is is misunderstudent and underestimated in
the global media ecosystem.
Speaker 2 (06:04):
And that was attractive.
Speaker 3 (06:06):
And then and on top of it, are really a
receptive collaborative leadership team and leadership team at the parent
co parent company level with BCE, and I said alongside
them as an officer at the parent communications company, do
you just.
Speaker 1 (06:25):
Come off of your upfront presentation? What were what were
some of the big themes.
Speaker 3 (06:30):
It's important for us to uh, for hors Custer Hammer
home that that we are able to we reach ninety
eight percent of Canadians every month with with you know,
elements of our service, hopefully many times, and we reach
them at their point of a time's greatest enthusiasm.
Speaker 2 (06:54):
And we own the I would say, own these.
Speaker 3 (06:59):
Giant pop culture moments, these big events of consequence, and
we're you know, in doing so, we lead across sports, entertainment,
and news. So you know, whether it's the super Bowl
or the Oscars, or a national election or in Montreal
F based F one or the Masters, or you know,
(07:21):
at any number of events. In addition to that, it's
really these moments where we think are a peak engagement
and interests and where people are talking about and so
what we offer creative partners and advertisers alike is really
this this this rich engaged audience and a tremendous amount
(07:44):
of insight around that audience. We own the largest in
addition to the assets I you know, I rattled off,
we own the largest data and analytics plays here a
company called Veronics, and the parent company has been very
progressive in a privacy consent, you know, a really sensitive.
Speaker 2 (08:08):
Way, been really progressive about.
Speaker 3 (08:11):
Collecting insights and seeking those consents early on. And so
we really have this like what I think of as
compelling content or compelling stories, these big audiences and we
hit them a lot, and then great.
Speaker 4 (08:27):
Insights into those audiences which allows us to you know,
enable or allows us to help advertisers reach the targeted
audience they want to get at and kind of see
whether and show that it worked to avoid some of that,
you know, fifty percent of my advertising mantra.
Speaker 3 (08:47):
So yeah, it's you know that, along with just wanting
to convey increased momentum in this transformation journey that we're
on the return of growth to.
Speaker 2 (09:01):
Bell Media.
Speaker 1 (09:03):
Don't go anywhere. We'll be right back with the conversation
with Bell Media President Sean Cohen. And we're back with
more from Bell Media President Sean Cohen. Since CTV is
in news, I have to ask you what has been
(09:24):
the Trump effect for you the last couple of months
with these just extraordinary things we never thought we would
hear coming out of a president's mouth. And I'm not
asking you a political question. I'm asking you a business question.
Overall engagement in news, given everything going on in the world,
has overall engagement in news in Cana for your stations,
(09:47):
has it gone up?
Speaker 3 (09:49):
Yeah, absolutely, Cynthia, As you suspect it has.
Speaker 2 (09:52):
People who have been pretty darn engaged in the news.
Speaker 3 (09:55):
I think I think accompanied by a trends and power
at the top.
Speaker 1 (10:02):
Right, you've had political change too, yeah, Canada, right, so you.
Speaker 3 (10:06):
Have you have Trudeau, you know, stepping down after a long,
long tenure and then national election, which here works a
little bit, works a little different than in the US,
and it's on a more more compressed time frame. Uh,
you you've really it has been. It's been a pretty
(10:28):
engaged time for Canadians with the news, and I think
for us it's coincided also for us with a few
things that we've done in the news. Part of our
bigger transformation journey is really we're leaning in on news
to deliver.
Speaker 2 (10:41):
News across platforms. Uh.
Speaker 3 (10:44):
That's whether that's fast or YouTube are our own apps,
and that's you know, I'm sure that's not a different story,
Cynthia than you hear from from leaders of different you know,
angees and different size in the States and elsewhere. It's
just I'm proud to say that I think we we
(11:04):
have been the status we've been fourteen months in a
row now as the leading provider of digital news, you know,
on digital of news, in addition to our legacy as
the as the leader in kind of more legacy platforms.
Speaker 2 (11:19):
And I'm also proud to say that on are probably our.
Speaker 3 (11:22):
Biggest news night of this year and a recent you know,
recent times the national the data of the national election
decision we led pretty handily across legacy and digital platforms,
if you want to divide it that way.
Speaker 2 (11:43):
We're just so so yeah, it's been, it's been.
Speaker 3 (11:46):
And whether that's some of the things that are coming out,
the rhetoric that's coming out in the Saints, whether that
is you know, obviously the national transition and power up here,
and whether that's maybe some of the other things that
we've been the tactics that we've been employing in this journey.
Happy to say that, you know, the folks are Canadians
(12:09):
ares engaged with CTV as they've been on the news front.
Speaker 1 (12:13):
Gotcha, that's a good segue. How are you managing the
kind of existential issue that is going on for media,
which is that transition from linear to streaming platforms.
Speaker 3 (12:23):
I'll start with the context that directionally, in Canada, a
lot of the same trends you know, are are happening,
and you know, maybe it's slightly different speed speeds or
a different stage of maturity and court cutting is a
little slower or a little bit behind where it is.
I believe in the States the viewership in linear is
(12:45):
holding on. But I think now it's really important not
to stick your head into status to what's actually happening.
We're leaned into streaming. Crave is driving a ton of
growth for us.
Speaker 1 (13:00):
Just to be clear, Crave is subscription.
Speaker 2 (13:03):
Yes, it is.
Speaker 3 (13:05):
Subscription, with the caveat that, like many other streamers, there
is an ad tier.
Speaker 1 (13:10):
Tell me about the history of it.
Speaker 2 (13:12):
Yeah, absolutely so. Crave is roughly ten year old streaming service.
Speaker 3 (13:17):
It was the product of combining a few years ago
a couple of pre existing services, and when I came
on board, it was roughly three million subscribers. So just
to frame that for you, Canada is about sixteen plus
a million TV households, so three million.
Speaker 2 (13:37):
Represents a sizable sweat, but still a minority.
Speaker 3 (13:41):
And we set the goal at the outset to be
to double that in short order three four years. We
felt like again at the outside we talked about it.
It is a combination of HBO Max content. We've got
the exclusive on a real Max content, Stars content.
Speaker 2 (14:02):
Some Disney and other.
Speaker 3 (14:06):
CTV and other other brands content, thirty thousand hours at all.
And happily we've just recently announced that we passed the
four million subs mark and we've got that in the
rear view. So we've grown thirty ish thirty three or
so percent since since I joined and happily on a
(14:27):
journey to get to to get to that six and beyond,
and we are there's Netflix. They don't break out their
subs in public reports, but it goes Netflix, Amazon and
Disney and then US. So we're the largest Canadian player.
But again back to your question, it's how you manage this.
It's you know, we'll have a premiere on Grave that
(14:49):
will ultimately go to CTV. We'll premiere on CTV next
day on Grave. Some things will ultimately play on Grave
that never go anywhere else. And it's really comes back
to yes and feeding both both beasts, understanding that streaming
and direct consumer is, you know, is where where we're
(15:09):
ultimately going about recognizing and respecting and appreciating that we've
got a very big megaphone.
Speaker 2 (15:16):
In CTV that generates a pretty big audience.
Speaker 1 (15:20):
One thing I noticed about Crave is you've got a
lot of French language content.
Speaker 3 (15:23):
Oh yeah, the multi language of it is it's very
much it's a very different uh community in Quebec. It's
very different expectations, it's a very different taste for you know,
when you look at a top ten rancor for what
content appeals as of our own star system. It's a
lot of locally produced UH French language content. And at
(15:45):
the same time we take that content, some of the
hit content we produced there and we're languaging it for
English audiences, and some of the biggest hits UH in
you know, French, we've crossed over nicely, and vice versus
some of the great UH some of the great global
and low English language when we've languaged has crossed over
quite nicely. So yeah, there's a lot. So I guess
(16:06):
the theme is just in Crave for starters, we have
in a sense a bundle of a lot of content.
Right then, when you're the sports leader with TSN, the
first thing we did was bundled Crave with TSN to
offer maybe the same way that Disney Plus is bundling
would bundle with a Hulu and an ESPN, we're bundling
(16:30):
Crave with TSN. And then and on top of that,
as you referenced, then working with with a leading service
like Disney, who we have a longstanding content relationship with,
and getting out and offering consumers bundles that include Crave,
TSN and Disney plus.
Speaker 1 (16:50):
Obviously you've got a lot going on and a really
interesting set of assets to work with. Are you in
the market for significant M and A? Are you shopping
for significant pieces to bolt onto?
Speaker 2 (17:01):
Bill media shopping is strong, I would say we're open.
I'd say our parent, as I.
Speaker 5 (17:10):
Mentioned, BCE has been consistently, consistently employed m and A,
both acquisition and divestiture to you know, to tinker.
Speaker 2 (17:22):
And you know, and really optimize its portfolio.
Speaker 3 (17:26):
Most recently it bought a renounced the purchase of a
US fiber company called Zipley with Northwestern Fiber Company, and
also bought some out of home assets called which we're
called out ed out Front, which we've rebranded as out
Edge or they've become part of Astrol. So we've done
(17:47):
BCE has done acquisitions at scale at the Bell media level.
Speaker 2 (17:52):
You would recall.
Speaker 3 (17:54):
That we bought a controlling staate or a majority state
in a company in a UK content distribution company called
Sphere Advocates as a way to grow.
Speaker 2 (18:05):
Our content sales around the world.
Speaker 3 (18:07):
You know, we invest all this, as I mentioned on
Screen and content in Canada and felt.
Speaker 2 (18:14):
Like it was a natural extension to.
Speaker 3 (18:18):
Own the capability and build the capability to sell around
the world. We've also very recently announced an investment in
a minority stake in a US, Canadian and UK production
company called Blink forty nine, run by a very credible
(18:39):
entrepreneurial leader named John Marinus, who was one of the
original architects at E one. And so we are active
as we move, particularly in content, as we move from
not from being more than a streamer broadcaster to a distributor,
(18:59):
and you know, have a constellation of production sakes be
a little bit of a producer along the way. So
we're active there. I would say you could expect us
to be more of a tuck in acquirer and to
also play into or lean into more in the organic
growth down down the direct consumer streaming lane, down the
(19:24):
digital advertising lane, down the content lane. But that said,
I'd never say never, and it's an interesting, rapidly changing
world out there, and so we were certainly open to
transformational ideas.
Speaker 1 (19:38):
Sean, thank you so much for taking the time to
talk me through all of this.
Speaker 3 (19:44):
Thank you, Cynthia, thank you for diving into the misunderstood,
underestimated world.
Speaker 2 (19:48):
Of Canadian media.
Speaker 3 (19:49):
And I'm you know, more and more, like I said,
it's it's very very parallel, aligned with what's happening in
the US and elsewhere, and we at Bell are really
excited about what we're doing, about the organic growth that
we've unlocked in Canada, and about being more active in
distributing content and producing content with global portability.
Speaker 6 (20:15):
Thanks for listening. Be sure to leave us a review
at Apple Podcasts or Amazon Music. We love to hear
from listeners. Please go to Variety dot com and sign
up for the free weekly Strictly Business newsletter, and don't
forget to tune in next week for another episode of
Strictly Business.
Sean, pronounce your last name for me. I want to
make sure I get it right.
Speaker 2 (00:03):
Cohen, straight out, straight out, Yeah, just like Cohen.
Speaker 3 (00:06):
They weren't giving jobs the Jews in World War Two,
and my grandfather changed it from Ian to A and.
Speaker 2 (00:10):
And he had a job the next day.
Speaker 1 (00:19):
Welcome to Strictly Business, Variety's weekly podcast featuring conversations with
industry leaders about the business of media and entertainment. I'm
Cynthia Littleton, co editor in chief of Variety Today. My
guest is Sean Cohen, President of Bell Media. Cohen is
a native New Yorker and a veteran of Any Networks
in Nielsen. He headed north in twenty twenty three to
(00:41):
take the reins of one of Canada's largest media conglomerates.
He's worked ever since to step up the volume of
activity across Bell's linear broadcast and cable channels, its streaming
platform Crave, and its radio stations. He wants to raise
Bell Media's profile as a player in globe content and platforms.
(01:02):
I've long thought it was odd that Canada's biggest media
firms remain, for the most part, something of a mystery
even among entertainment industry insiders. Even with all the co
productions and location work that has flowed across the fifty
five hundred mile border that the US shares with its
North American neighbor in recent decades, Cohen is working to
(01:22):
change that. I learned a lot from our conversation. Cohen
outlines Bell Media's assets and growth strategy. Bell Media is
a close corollary of NBC Universal as its parent company,
Bell operates cable systems just like NBCUS Big Daddy Comcast.
I got to know Cohen during his A and E
(01:42):
Networks days. I knew him to be a sharp thinker
and a good speaker. This interview has a lot of
insights on the parallels and contrasts between Canada and the US.
Of course, the subject of Trump and the unbelievable things
the President has said in recent months about the Great
White North did come up. That's all coming up after
(02:02):
this break. Sean Cohen, President of Bell Media, thank you
so much for joining me today.
Speaker 2 (02:22):
Thank you, Cynthia for having me.
Speaker 1 (02:24):
Sketch out for us kind of the size and scope
of the company, kind of where you fit in in
the Canadian landscape.
Speaker 2 (02:31):
Yeah, absolutely so, Cynthia.
Speaker 3 (02:33):
Bell Media is the largest media and entertainment player in
Canada by.
Speaker 2 (02:38):
A fair bed.
Speaker 3 (02:40):
It's a wholly owned subsidiary of a publicly traded communications
company called b Bell Canada Enterprises or BCE.
Speaker 2 (02:48):
So it's publicly traded on the New York and Toronto.
Speaker 3 (02:50):
Stock Exchange and it's the largest communications company in Canada,
Bell Media. It's part of what attracted me to bel
Media nineteen months ago was as a globally unique.
Speaker 2 (03:04):
Set of assets, brands, content and people.
Speaker 3 (03:08):
So amongst its biggest assets are it's the largest broadcast
network in CTV. That's actually it's not Connected TV, that's CTV.
Actually it's the We owned the as part of bel Media,
the largest Canadian owned streamer called Crave, very well distributed
(03:30):
and the fourth fourth in terms of distribution in the market.
We own the leading sports service called TSN, which is
actually minority owned by ESPN. We own the largest out
of home I think billboards and street furniture, the largest
out of home business in Canada generally called astral and
(03:54):
then a series of other businesses including a big big
set of pay TV channels, a set of audio assets,
radio and partnership with iHeart, a lot of obviously news
activities underneath the video and audio matters, with the largest
(04:17):
news service and a range of other other activities in there.
Speaker 2 (04:21):
I would say, just to give you a sense for.
Speaker 3 (04:23):
Size for twenty twenty four in Canadian dollars, about three
point three billion in revenues and about seven hundred and
fifty millions we need it out.
Speaker 1 (04:34):
You joined the company after working at A and E Networks,
after working at the Nielsen company. What attracted you to
go across the border to Bill Media?
Speaker 3 (04:43):
It started with a sense that this is a it
is a globally unique set of assets, brands, content people
and really beloved brands. The idea of if you had CBS,
so you know, the leading broadcast network at least by size,
and then you you had a combination between HBO.
Speaker 2 (05:03):
Max, HBO Max Stars, Hulu and a bunch of other
in one. Then you had clear channel in and out
of home business, you know.
Speaker 3 (05:13):
Then you had a sizeable portfolio of pay channels and
the second largest MVPD in in Bell We're in BC
in the parent go.
Speaker 2 (05:25):
It's just and on from there. It was just a
collection of leader leading positions across sports, entertainment and news
that really is beloved and really drives our stokes the
passions of over forty million Canadians. So you just had
your unusual set of assets. You had, as you mentioned
(05:47):
up front, a misunderstood, sometimes misunderstood and underestimated, you know,
set of assets.
Speaker 3 (05:53):
And I think of I think of that with Bell Media,
but I also think of that with Canada generally. I
think the market generally is is misunderstudent and underestimated in
the global media ecosystem.
Speaker 2 (06:04):
And that was attractive.
Speaker 3 (06:06):
And then and on top of it, are really a
receptive collaborative leadership team and leadership team at the parent
co parent company level with BCE, and I said alongside
them as an officer at the parent communications company, do
you just.
Speaker 1 (06:25):
Come off of your upfront presentation? What were what were
some of the big themes.
Speaker 3 (06:30):
It's important for us to uh, for hors Custer Hammer
home that that we are able to we reach ninety
eight percent of Canadians every month with with you know,
elements of our service, hopefully many times, and we reach
them at their point of a time's greatest enthusiasm.
Speaker 2 (06:54):
And we own the I would say, own these.
Speaker 3 (06:59):
Giant pop culture moments, these big events of consequence, and
we're you know, in doing so, we lead across sports, entertainment,
and news. So you know, whether it's the super Bowl
or the Oscars, or a national election or in Montreal
F based F one or the Masters, or you know,
(07:21):
at any number of events. In addition to that, it's
really these moments where we think are a peak engagement
and interests and where people are talking about and so
what we offer creative partners and advertisers alike is really
this this this rich engaged audience and a tremendous amount
(07:44):
of insight around that audience. We own the largest in
addition to the assets I you know, I rattled off,
we own the largest data and analytics plays here a
company called Veronics, and the parent company has been very
progressive in a privacy consent, you know, a really sensitive.
Speaker 2 (08:08):
Way, been really progressive about.
Speaker 3 (08:11):
Collecting insights and seeking those consents early on. And so
we really have this like what I think of as
compelling content or compelling stories, these big audiences and we
hit them a lot, and then great.
Speaker 4 (08:27):
Insights into those audiences which allows us to you know,
enable or allows us to help advertisers reach the targeted
audience they want to get at and kind of see
whether and show that it worked to avoid some of that,
you know, fifty percent of my advertising mantra.
Speaker 3 (08:47):
So yeah, it's you know that, along with just wanting
to convey increased momentum in this transformation journey that we're
on the return of growth to.
Speaker 2 (09:01):
Bell Media.
Speaker 1 (09:03):
Don't go anywhere. We'll be right back with the conversation
with Bell Media President Sean Cohen. And we're back with
more from Bell Media President Sean Cohen. Since CTV is
in news, I have to ask you what has been
(09:24):
the Trump effect for you the last couple of months
with these just extraordinary things we never thought we would
hear coming out of a president's mouth. And I'm not
asking you a political question. I'm asking you a business question.
Overall engagement in news, given everything going on in the world,
has overall engagement in news in Cana for your stations,
(09:47):
has it gone up?
Speaker 3 (09:49):
Yeah, absolutely, Cynthia, As you suspect it has.
Speaker 2 (09:52):
People who have been pretty darn engaged in the news.
Speaker 3 (09:55):
I think I think accompanied by a trends and power
at the top.
Speaker 1 (10:02):
Right, you've had political change too, yeah, Canada, right, so you.
Speaker 3 (10:06):
Have you have Trudeau, you know, stepping down after a long,
long tenure and then national election, which here works a
little bit, works a little different than in the US,
and it's on a more more compressed time frame. Uh,
you you've really it has been. It's been a pretty
(10:28):
engaged time for Canadians with the news, and I think
for us it's coincided also for us with a few
things that we've done in the news. Part of our
bigger transformation journey is really we're leaning in on news
to deliver.
Speaker 2 (10:41):
News across platforms. Uh.
Speaker 3 (10:44):
That's whether that's fast or YouTube are our own apps,
and that's you know, I'm sure that's not a different story,
Cynthia than you hear from from leaders of different you know,
angees and different size in the States and elsewhere. It's
just I'm proud to say that I think we we
(11:04):
have been the status we've been fourteen months in a
row now as the leading provider of digital news, you know,
on digital of news, in addition to our legacy as
the as the leader in kind of more legacy platforms.
Speaker 2 (11:19):
And I'm also proud to say that on are probably our.
Speaker 3 (11:22):
Biggest news night of this year and a recent you know,
recent times the national the data of the national election
decision we led pretty handily across legacy and digital platforms,
if you want to divide it that way.
Speaker 2 (11:43):
We're just so so yeah, it's been, it's been.
Speaker 3 (11:46):
And whether that's some of the things that are coming out,
the rhetoric that's coming out in the Saints, whether that
is you know, obviously the national transition and power up here,
and whether that's maybe some of the other things that
we've been the tactics that we've been employing in this journey.
Happy to say that, you know, the folks are Canadians
(12:09):
ares engaged with CTV as they've been on the news front.
Speaker 1 (12:13):
Gotcha, that's a good segue. How are you managing the
kind of existential issue that is going on for media,
which is that transition from linear to streaming platforms.
Speaker 3 (12:23):
I'll start with the context that directionally, in Canada, a
lot of the same trends you know, are are happening,
and you know, maybe it's slightly different speed speeds or
a different stage of maturity and court cutting is a
little slower or a little bit behind where it is.
I believe in the States the viewership in linear is
(12:45):
holding on. But I think now it's really important not
to stick your head into status to what's actually happening.
We're leaned into streaming. Crave is driving a ton of
growth for us.
Speaker 1 (13:00):
Just to be clear, Crave is subscription.
Speaker 2 (13:03):
Yes, it is.
Speaker 3 (13:05):
Subscription, with the caveat that, like many other streamers, there
is an ad tier.
Speaker 1 (13:10):
Tell me about the history of it.
Speaker 2 (13:12):
Yeah, absolutely so. Crave is roughly ten year old streaming service.
Speaker 3 (13:17):
It was the product of combining a few years ago
a couple of pre existing services, and when I came
on board, it was roughly three million subscribers. So just
to frame that for you, Canada is about sixteen plus
a million TV households, so three million.
Speaker 2 (13:37):
Represents a sizable sweat, but still a minority.
Speaker 3 (13:41):
And we set the goal at the outset to be
to double that in short order three four years. We
felt like again at the outside we talked about it.
It is a combination of HBO Max content. We've got
the exclusive on a real Max content, Stars content.
Speaker 2 (14:02):
Some Disney and other.
Speaker 3 (14:06):
CTV and other other brands content, thirty thousand hours at all.
And happily we've just recently announced that we passed the
four million subs mark and we've got that in the
rear view. So we've grown thirty ish thirty three or
so percent since since I joined and happily on a
(14:27):
journey to get to to get to that six and beyond,
and we are there's Netflix. They don't break out their
subs in public reports, but it goes Netflix, Amazon and
Disney and then US. So we're the largest Canadian player.
But again back to your question, it's how you manage this.
It's you know, we'll have a premiere on Grave that
(14:49):
will ultimately go to CTV. We'll premiere on CTV next
day on Grave. Some things will ultimately play on Grave
that never go anywhere else. And it's really comes back
to yes and feeding both both beasts, understanding that streaming
and direct consumer is, you know, is where where we're
(15:09):
ultimately going about recognizing and respecting and appreciating that we've
got a very big megaphone.
Speaker 2 (15:16):
In CTV that generates a pretty big audience.
Speaker 1 (15:20):
One thing I noticed about Crave is you've got a
lot of French language content.
Speaker 3 (15:23):
Oh yeah, the multi language of it is it's very
much it's a very different uh community in Quebec. It's
very different expectations, it's a very different taste for you know,
when you look at a top ten rancor for what
content appeals as of our own star system. It's a
lot of locally produced UH French language content. And at
(15:45):
the same time we take that content, some of the
hit content we produced there and we're languaging it for
English audiences, and some of the biggest hits UH in
you know, French, we've crossed over nicely, and vice versus
some of the great UH some of the great global
and low English language when we've languaged has crossed over
quite nicely. So yeah, there's a lot. So I guess
(16:06):
the theme is just in Crave for starters, we have
in a sense a bundle of a lot of content.
Right then, when you're the sports leader with TSN, the
first thing we did was bundled Crave with TSN to
offer maybe the same way that Disney Plus is bundling
would bundle with a Hulu and an ESPN, we're bundling
(16:30):
Crave with TSN. And then and on top of that,
as you referenced, then working with with a leading service
like Disney, who we have a longstanding content relationship with,
and getting out and offering consumers bundles that include Crave,
TSN and Disney plus.
Speaker 1 (16:50):
Obviously you've got a lot going on and a really
interesting set of assets to work with. Are you in
the market for significant M and A? Are you shopping
for significant pieces to bolt onto?
Speaker 2 (17:01):
Bill media shopping is strong, I would say we're open.
I'd say our parent, as I.
Speaker 5 (17:10):
Mentioned, BCE has been consistently, consistently employed m and A,
both acquisition and divestiture to you know, to tinker.
Speaker 2 (17:22):
And you know, and really optimize its portfolio.
Speaker 3 (17:26):
Most recently it bought a renounced the purchase of a
US fiber company called Zipley with Northwestern Fiber Company, and
also bought some out of home assets called which we're
called out ed out Front, which we've rebranded as out
Edge or they've become part of Astrol. So we've done
(17:47):
BCE has done acquisitions at scale at the Bell media level.
Speaker 2 (17:52):
You would recall.
Speaker 3 (17:54):
That we bought a controlling staate or a majority state
in a company in a UK content distribution company called
Sphere Advocates as a way to grow.
Speaker 2 (18:05):
Our content sales around the world.
Speaker 3 (18:07):
You know, we invest all this, as I mentioned on
Screen and content in Canada and felt.
Speaker 2 (18:14):
Like it was a natural extension to.
Speaker 3 (18:18):
Own the capability and build the capability to sell around
the world. We've also very recently announced an investment in
a minority stake in a US, Canadian and UK production
company called Blink forty nine, run by a very credible
(18:39):
entrepreneurial leader named John Marinus, who was one of the
original architects at E one. And so we are active
as we move, particularly in content, as we move from
not from being more than a streamer broadcaster to a distributor,
(18:59):
and you know, have a constellation of production sakes be
a little bit of a producer along the way. So
we're active there. I would say you could expect us
to be more of a tuck in acquirer and to
also play into or lean into more in the organic
growth down down the direct consumer streaming lane, down the
(19:24):
digital advertising lane, down the content lane. But that said,
I'd never say never, and it's an interesting, rapidly changing
world out there, and so we were certainly open to
transformational ideas.
Speaker 1 (19:38):
Sean, thank you so much for taking the time to
talk me through all of this.
Speaker 3 (19:44):
Thank you, Cynthia, thank you for diving into the misunderstood,
underestimated world.
Speaker 2 (19:48):
Of Canadian media.
Speaker 3 (19:49):
And I'm you know, more and more, like I said,
it's it's very very parallel, aligned with what's happening in
the US and elsewhere, and we at Bell are really
excited about what we're doing, about the organic growth that
we've unlocked in Canada, and about being more active in
distributing content and producing content with global portability.
Speaker 6 (20:15):
Thanks for listening. Be sure to leave us a review
at Apple Podcasts or Amazon Music. We love to hear
from listeners. Please go to Variety dot com and sign
up for the free weekly Strictly Business newsletter, and don't
forget to tune in next week for another episode of
Strictly Business.
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