1 00:00:00,120 --> 00:00:02,120 Speaker 1: Sean, pronounce your last name for me. I want to 2 00:00:02,120 --> 00:00:02,920 Speaker 1: make sure I get it right. 3 00:00:03,520 --> 00:00:06,280 Speaker 2: Cohen, straight out, straight out, Yeah, just like Cohen. 4 00:00:06,320 --> 00:00:08,200 Speaker 3: They weren't giving jobs the Jews in World War Two, 5 00:00:08,240 --> 00:00:10,720 Speaker 3: and my grandfather changed it from Ian to A and. 6 00:00:10,400 --> 00:00:11,719 Speaker 2: And he had a job the next day. 7 00:00:19,200 --> 00:00:23,400 Speaker 1: Welcome to Strictly Business, Variety's weekly podcast featuring conversations with 8 00:00:23,520 --> 00:00:27,360 Speaker 1: industry leaders about the business of media and entertainment. I'm 9 00:00:27,400 --> 00:00:31,120 Speaker 1: Cynthia Littleton, co editor in chief of Variety Today. My 10 00:00:31,160 --> 00:00:35,080 Speaker 1: guest is Sean Cohen, President of Bell Media. Cohen is 11 00:00:35,120 --> 00:00:37,839 Speaker 1: a native New Yorker and a veteran of Any Networks 12 00:00:37,840 --> 00:00:41,360 Speaker 1: in Nielsen. He headed north in twenty twenty three to 13 00:00:41,400 --> 00:00:44,680 Speaker 1: take the reins of one of Canada's largest media conglomerates. 14 00:00:45,320 --> 00:00:48,280 Speaker 1: He's worked ever since to step up the volume of 15 00:00:48,320 --> 00:00:52,839 Speaker 1: activity across Bell's linear broadcast and cable channels, its streaming 16 00:00:52,880 --> 00:00:57,400 Speaker 1: platform Crave, and its radio stations. He wants to raise 17 00:00:57,440 --> 00:01:01,680 Speaker 1: Bell Media's profile as a player in globe content and platforms. 18 00:01:02,120 --> 00:01:04,880 Speaker 1: I've long thought it was odd that Canada's biggest media 19 00:01:04,959 --> 00:01:07,960 Speaker 1: firms remain, for the most part, something of a mystery 20 00:01:08,120 --> 00:01:11,959 Speaker 1: even among entertainment industry insiders. Even with all the co 21 00:01:12,040 --> 00:01:15,560 Speaker 1: productions and location work that has flowed across the fifty 22 00:01:15,600 --> 00:01:18,520 Speaker 1: five hundred mile border that the US shares with its 23 00:01:18,520 --> 00:01:22,280 Speaker 1: North American neighbor in recent decades, Cohen is working to 24 00:01:22,360 --> 00:01:26,040 Speaker 1: change that. I learned a lot from our conversation. Cohen 25 00:01:26,120 --> 00:01:30,200 Speaker 1: outlines Bell Media's assets and growth strategy. Bell Media is 26 00:01:30,240 --> 00:01:34,319 Speaker 1: a close corollary of NBC Universal as its parent company, 27 00:01:34,640 --> 00:01:40,319 Speaker 1: Bell operates cable systems just like NBCUS Big Daddy Comcast. 28 00:01:40,600 --> 00:01:42,320 Speaker 1: I got to know Cohen during his A and E 29 00:01:42,480 --> 00:01:45,400 Speaker 1: Networks days. I knew him to be a sharp thinker 30 00:01:45,520 --> 00:01:48,360 Speaker 1: and a good speaker. This interview has a lot of 31 00:01:48,400 --> 00:01:52,000 Speaker 1: insights on the parallels and contrasts between Canada and the US. 32 00:01:52,600 --> 00:01:56,440 Speaker 1: Of course, the subject of Trump and the unbelievable things 33 00:01:56,440 --> 00:01:59,080 Speaker 1: the President has said in recent months about the Great 34 00:01:59,080 --> 00:02:02,800 Speaker 1: White North did come up. That's all coming up after 35 00:02:02,840 --> 00:02:20,960 Speaker 1: this break. Sean Cohen, President of Bell Media, thank you 36 00:02:21,000 --> 00:02:22,400 Speaker 1: so much for joining me today. 37 00:02:22,720 --> 00:02:24,160 Speaker 2: Thank you, Cynthia for having me. 38 00:02:24,760 --> 00:02:27,680 Speaker 1: Sketch out for us kind of the size and scope 39 00:02:27,720 --> 00:02:29,720 Speaker 1: of the company, kind of where you fit in in 40 00:02:29,760 --> 00:02:31,040 Speaker 1: the Canadian landscape. 41 00:02:31,400 --> 00:02:33,280 Speaker 2: Yeah, absolutely so, Cynthia. 42 00:02:33,720 --> 00:02:37,200 Speaker 3: Bell Media is the largest media and entertainment player in 43 00:02:37,240 --> 00:02:39,040 Speaker 3: Canada by. 44 00:02:38,960 --> 00:02:39,639 Speaker 2: A fair bed. 45 00:02:40,080 --> 00:02:44,079 Speaker 3: It's a wholly owned subsidiary of a publicly traded communications 46 00:02:44,080 --> 00:02:47,600 Speaker 3: company called b Bell Canada Enterprises or BCE. 47 00:02:48,360 --> 00:02:51,360 Speaker 2: So it's publicly traded on the New York and Toronto. 48 00:02:50,960 --> 00:02:54,600 Speaker 3: Stock Exchange and it's the largest communications company in Canada, 49 00:02:55,240 --> 00:03:00,240 Speaker 3: Bell Media. It's part of what attracted me to bel 50 00:03:00,320 --> 00:03:04,799 Speaker 3: Media nineteen months ago was as a globally unique. 51 00:03:04,520 --> 00:03:07,519 Speaker 2: Set of assets, brands, content and people. 52 00:03:08,120 --> 00:03:13,640 Speaker 3: So amongst its biggest assets are it's the largest broadcast 53 00:03:13,680 --> 00:03:19,320 Speaker 3: network in CTV. That's actually it's not Connected TV, that's CTV. 54 00:03:19,600 --> 00:03:24,919 Speaker 3: Actually it's the We owned the as part of bel Media, 55 00:03:25,080 --> 00:03:30,760 Speaker 3: the largest Canadian owned streamer called Crave, very well distributed 56 00:03:30,840 --> 00:03:35,400 Speaker 3: and the fourth fourth in terms of distribution in the market. 57 00:03:36,080 --> 00:03:40,600 Speaker 3: We own the leading sports service called TSN, which is 58 00:03:40,640 --> 00:03:45,640 Speaker 3: actually minority owned by ESPN. We own the largest out 59 00:03:45,640 --> 00:03:49,080 Speaker 3: of home I think billboards and street furniture, the largest 60 00:03:49,120 --> 00:03:54,840 Speaker 3: out of home business in Canada generally called astral and 61 00:03:54,880 --> 00:03:59,680 Speaker 3: then a series of other businesses including a big big 62 00:03:59,720 --> 00:04:06,080 Speaker 3: set of pay TV channels, a set of audio assets, 63 00:04:06,720 --> 00:04:12,600 Speaker 3: radio and partnership with iHeart, a lot of obviously news 64 00:04:12,600 --> 00:04:17,239 Speaker 3: activities underneath the video and audio matters, with the largest 65 00:04:17,279 --> 00:04:21,200 Speaker 3: news service and a range of other other activities in there. 66 00:04:21,240 --> 00:04:23,280 Speaker 2: I would say, just to give you a sense for. 67 00:04:23,320 --> 00:04:28,480 Speaker 3: Size for twenty twenty four in Canadian dollars, about three 68 00:04:28,600 --> 00:04:32,760 Speaker 3: point three billion in revenues and about seven hundred and 69 00:04:32,800 --> 00:04:34,239 Speaker 3: fifty millions we need it out. 70 00:04:34,440 --> 00:04:37,760 Speaker 1: You joined the company after working at A and E Networks, 71 00:04:37,800 --> 00:04:41,160 Speaker 1: after working at the Nielsen company. What attracted you to 72 00:04:41,440 --> 00:04:43,360 Speaker 1: go across the border to Bill Media? 73 00:04:43,480 --> 00:04:47,120 Speaker 3: It started with a sense that this is a it 74 00:04:47,160 --> 00:04:50,520 Speaker 3: is a globally unique set of assets, brands, content people 75 00:04:50,600 --> 00:04:56,159 Speaker 3: and really beloved brands. The idea of if you had CBS, 76 00:04:56,520 --> 00:04:59,560 Speaker 3: so you know, the leading broadcast network at least by size, 77 00:04:59,560 --> 00:05:03,960 Speaker 3: and then you you had a combination between HBO. 78 00:05:03,680 --> 00:05:09,000 Speaker 2: Max, HBO Max Stars, Hulu and a bunch of other 79 00:05:09,279 --> 00:05:12,160 Speaker 2: in one. Then you had clear channel in and out 80 00:05:12,160 --> 00:05:13,760 Speaker 2: of home business, you know. 81 00:05:13,839 --> 00:05:18,240 Speaker 3: Then you had a sizeable portfolio of pay channels and 82 00:05:18,279 --> 00:05:23,800 Speaker 3: the second largest MVPD in in Bell We're in BC 83 00:05:24,040 --> 00:05:24,680 Speaker 3: in the parent go. 84 00:05:25,600 --> 00:05:29,039 Speaker 2: It's just and on from there. It was just a 85 00:05:29,120 --> 00:05:35,000 Speaker 2: collection of leader leading positions across sports, entertainment and news 86 00:05:35,360 --> 00:05:40,040 Speaker 2: that really is beloved and really drives our stokes the 87 00:05:40,160 --> 00:05:43,400 Speaker 2: passions of over forty million Canadians. So you just had 88 00:05:43,480 --> 00:05:47,040 Speaker 2: your unusual set of assets. You had, as you mentioned 89 00:05:47,120 --> 00:05:52,800 Speaker 2: up front, a misunderstood, sometimes misunderstood and underestimated, you know, 90 00:05:52,880 --> 00:05:53,680 Speaker 2: set of assets. 91 00:05:53,720 --> 00:05:56,360 Speaker 3: And I think of I think of that with Bell Media, 92 00:05:56,400 --> 00:05:59,440 Speaker 3: but I also think of that with Canada generally. I 93 00:05:59,520 --> 00:06:03,160 Speaker 3: think the market generally is is misunderstudent and underestimated in 94 00:06:03,200 --> 00:06:04,680 Speaker 3: the global media ecosystem. 95 00:06:04,760 --> 00:06:06,000 Speaker 2: And that was attractive. 96 00:06:06,040 --> 00:06:09,400 Speaker 3: And then and on top of it, are really a 97 00:06:09,560 --> 00:06:16,159 Speaker 3: receptive collaborative leadership team and leadership team at the parent 98 00:06:16,279 --> 00:06:20,960 Speaker 3: co parent company level with BCE, and I said alongside 99 00:06:20,960 --> 00:06:24,560 Speaker 3: them as an officer at the parent communications company, do 100 00:06:24,560 --> 00:06:25,040 Speaker 3: you just. 101 00:06:25,000 --> 00:06:28,719 Speaker 1: Come off of your upfront presentation? What were what were 102 00:06:28,760 --> 00:06:30,120 Speaker 1: some of the big themes. 103 00:06:30,640 --> 00:06:35,080 Speaker 3: It's important for us to uh, for hors Custer Hammer 104 00:06:35,160 --> 00:06:40,599 Speaker 3: home that that we are able to we reach ninety 105 00:06:40,640 --> 00:06:44,560 Speaker 3: eight percent of Canadians every month with with you know, 106 00:06:44,800 --> 00:06:48,679 Speaker 3: elements of our service, hopefully many times, and we reach 107 00:06:49,600 --> 00:06:53,560 Speaker 3: them at their point of a time's greatest enthusiasm. 108 00:06:54,120 --> 00:06:59,200 Speaker 2: And we own the I would say, own these. 109 00:06:59,080 --> 00:07:03,680 Speaker 3: Giant pop culture moments, these big events of consequence, and 110 00:07:04,680 --> 00:07:08,159 Speaker 3: we're you know, in doing so, we lead across sports, entertainment, 111 00:07:08,200 --> 00:07:10,800 Speaker 3: and news. So you know, whether it's the super Bowl 112 00:07:11,320 --> 00:07:17,400 Speaker 3: or the Oscars, or a national election or in Montreal 113 00:07:17,640 --> 00:07:21,920 Speaker 3: F based F one or the Masters, or you know, 114 00:07:21,960 --> 00:07:25,640 Speaker 3: at any number of events. In addition to that, it's 115 00:07:25,680 --> 00:07:29,360 Speaker 3: really these moments where we think are a peak engagement 116 00:07:29,640 --> 00:07:33,040 Speaker 3: and interests and where people are talking about and so 117 00:07:33,680 --> 00:07:38,640 Speaker 3: what we offer creative partners and advertisers alike is really 118 00:07:38,680 --> 00:07:44,760 Speaker 3: this this this rich engaged audience and a tremendous amount 119 00:07:44,760 --> 00:07:49,080 Speaker 3: of insight around that audience. We own the largest in 120 00:07:49,120 --> 00:07:51,920 Speaker 3: addition to the assets I you know, I rattled off, 121 00:07:52,280 --> 00:07:56,520 Speaker 3: we own the largest data and analytics plays here a 122 00:07:56,520 --> 00:08:02,840 Speaker 3: company called Veronics, and the parent company has been very 123 00:08:02,840 --> 00:08:08,480 Speaker 3: progressive in a privacy consent, you know, a really sensitive. 124 00:08:08,240 --> 00:08:12,000 Speaker 2: Way, been really progressive about. 125 00:08:11,560 --> 00:08:17,000 Speaker 3: Collecting insights and seeking those consents early on. And so 126 00:08:17,080 --> 00:08:19,840 Speaker 3: we really have this like what I think of as 127 00:08:20,200 --> 00:08:25,680 Speaker 3: compelling content or compelling stories, these big audiences and we 128 00:08:25,800 --> 00:08:28,000 Speaker 3: hit them a lot, and then great. 129 00:08:27,760 --> 00:08:32,120 Speaker 4: Insights into those audiences which allows us to you know, 130 00:08:32,240 --> 00:08:35,880 Speaker 4: enable or allows us to help advertisers reach the targeted 131 00:08:35,920 --> 00:08:39,360 Speaker 4: audience they want to get at and kind of see 132 00:08:39,400 --> 00:08:42,960 Speaker 4: whether and show that it worked to avoid some of that, 133 00:08:43,360 --> 00:08:46,400 Speaker 4: you know, fifty percent of my advertising mantra. 134 00:08:47,040 --> 00:08:50,200 Speaker 3: So yeah, it's you know that, along with just wanting 135 00:08:50,240 --> 00:08:56,800 Speaker 3: to convey increased momentum in this transformation journey that we're 136 00:08:56,840 --> 00:08:59,880 Speaker 3: on the return of growth to. 137 00:09:01,800 --> 00:09:02,400 Speaker 2: Bell Media. 138 00:09:03,400 --> 00:09:06,480 Speaker 1: Don't go anywhere. We'll be right back with the conversation 139 00:09:06,600 --> 00:09:16,840 Speaker 1: with Bell Media President Sean Cohen. And we're back with 140 00:09:16,880 --> 00:09:21,280 Speaker 1: more from Bell Media President Sean Cohen. Since CTV is 141 00:09:21,320 --> 00:09:24,920 Speaker 1: in news, I have to ask you what has been 142 00:09:24,960 --> 00:09:28,400 Speaker 1: the Trump effect for you the last couple of months 143 00:09:28,440 --> 00:09:32,959 Speaker 1: with these just extraordinary things we never thought we would 144 00:09:33,000 --> 00:09:35,400 Speaker 1: hear coming out of a president's mouth. And I'm not 145 00:09:35,480 --> 00:09:39,000 Speaker 1: asking you a political question. I'm asking you a business question. 146 00:09:39,679 --> 00:09:44,520 Speaker 1: Overall engagement in news, given everything going on in the world, 147 00:09:44,640 --> 00:09:47,400 Speaker 1: has overall engagement in news in Cana for your stations, 148 00:09:47,280 --> 00:09:48,760 Speaker 1: has it gone up? 149 00:09:49,720 --> 00:09:52,480 Speaker 3: Yeah, absolutely, Cynthia, As you suspect it has. 150 00:09:52,559 --> 00:09:55,280 Speaker 2: People who have been pretty darn engaged in the news. 151 00:09:55,320 --> 00:10:00,800 Speaker 3: I think I think accompanied by a trends and power 152 00:10:01,200 --> 00:10:01,920 Speaker 3: at the top. 153 00:10:02,320 --> 00:10:06,560 Speaker 1: Right, you've had political change too, yeah, Canada, right, so you. 154 00:10:06,440 --> 00:10:11,280 Speaker 3: Have you have Trudeau, you know, stepping down after a long, 155 00:10:12,000 --> 00:10:16,880 Speaker 3: long tenure and then national election, which here works a 156 00:10:16,920 --> 00:10:19,240 Speaker 3: little bit, works a little different than in the US, 157 00:10:19,280 --> 00:10:23,120 Speaker 3: and it's on a more more compressed time frame. Uh, 158 00:10:23,400 --> 00:10:28,240 Speaker 3: you you've really it has been. It's been a pretty 159 00:10:28,280 --> 00:10:31,000 Speaker 3: engaged time for Canadians with the news, and I think 160 00:10:31,360 --> 00:10:34,360 Speaker 3: for us it's coincided also for us with a few 161 00:10:34,360 --> 00:10:36,280 Speaker 3: things that we've done in the news. Part of our 162 00:10:36,320 --> 00:10:40,240 Speaker 3: bigger transformation journey is really we're leaning in on news 163 00:10:40,600 --> 00:10:41,480 Speaker 3: to deliver. 164 00:10:41,240 --> 00:10:43,640 Speaker 2: News across platforms. Uh. 165 00:10:44,120 --> 00:10:49,400 Speaker 3: That's whether that's fast or YouTube are our own apps, 166 00:10:49,440 --> 00:10:51,760 Speaker 3: and that's you know, I'm sure that's not a different story, 167 00:10:51,800 --> 00:10:56,240 Speaker 3: Cynthia than you hear from from leaders of different you know, 168 00:10:56,440 --> 00:10:59,800 Speaker 3: angees and different size in the States and elsewhere. It's 169 00:10:59,840 --> 00:11:04,280 Speaker 3: just I'm proud to say that I think we we 170 00:11:04,520 --> 00:11:07,079 Speaker 3: have been the status we've been fourteen months in a 171 00:11:07,160 --> 00:11:11,079 Speaker 3: row now as the leading provider of digital news, you know, 172 00:11:11,160 --> 00:11:14,600 Speaker 3: on digital of news, in addition to our legacy as 173 00:11:14,640 --> 00:11:19,239 Speaker 3: the as the leader in kind of more legacy platforms. 174 00:11:19,760 --> 00:11:22,560 Speaker 2: And I'm also proud to say that on are probably our. 175 00:11:22,480 --> 00:11:27,520 Speaker 3: Biggest news night of this year and a recent you know, 176 00:11:27,720 --> 00:11:31,360 Speaker 3: recent times the national the data of the national election 177 00:11:31,920 --> 00:11:41,800 Speaker 3: decision we led pretty handily across legacy and digital platforms, 178 00:11:42,240 --> 00:11:43,480 Speaker 3: if you want to divide it that way. 179 00:11:43,480 --> 00:11:46,400 Speaker 2: We're just so so yeah, it's been, it's been. 180 00:11:46,640 --> 00:11:50,200 Speaker 3: And whether that's some of the things that are coming out, 181 00:11:50,960 --> 00:11:54,679 Speaker 3: the rhetoric that's coming out in the Saints, whether that 182 00:11:54,880 --> 00:11:58,800 Speaker 3: is you know, obviously the national transition and power up here, 183 00:11:59,080 --> 00:12:01,040 Speaker 3: and whether that's maybe some of the other things that 184 00:12:01,080 --> 00:12:04,640 Speaker 3: we've been the tactics that we've been employing in this journey. 185 00:12:05,640 --> 00:12:09,000 Speaker 3: Happy to say that, you know, the folks are Canadians 186 00:12:09,040 --> 00:12:12,360 Speaker 3: ares engaged with CTV as they've been on the news front. 187 00:12:13,120 --> 00:12:15,640 Speaker 1: Gotcha, that's a good segue. How are you managing the 188 00:12:15,720 --> 00:12:19,520 Speaker 1: kind of existential issue that is going on for media, 189 00:12:19,559 --> 00:12:23,440 Speaker 1: which is that transition from linear to streaming platforms. 190 00:12:23,800 --> 00:12:28,520 Speaker 3: I'll start with the context that directionally, in Canada, a 191 00:12:28,520 --> 00:12:31,240 Speaker 3: lot of the same trends you know, are are happening, 192 00:12:31,280 --> 00:12:34,319 Speaker 3: and you know, maybe it's slightly different speed speeds or 193 00:12:34,320 --> 00:12:37,280 Speaker 3: a different stage of maturity and court cutting is a 194 00:12:37,360 --> 00:12:40,320 Speaker 3: little slower or a little bit behind where it is. 195 00:12:40,360 --> 00:12:45,640 Speaker 3: I believe in the States the viewership in linear is 196 00:12:45,679 --> 00:12:51,560 Speaker 3: holding on. But I think now it's really important not 197 00:12:51,640 --> 00:12:53,959 Speaker 3: to stick your head into status to what's actually happening. 198 00:12:54,400 --> 00:12:59,120 Speaker 3: We're leaned into streaming. Crave is driving a ton of 199 00:12:59,160 --> 00:12:59,960 Speaker 3: growth for us. 200 00:13:00,800 --> 00:13:02,600 Speaker 1: Just to be clear, Crave is subscription. 201 00:13:03,520 --> 00:13:04,200 Speaker 2: Yes, it is. 202 00:13:05,640 --> 00:13:09,480 Speaker 3: Subscription, with the caveat that, like many other streamers, there 203 00:13:09,520 --> 00:13:10,240 Speaker 3: is an ad tier. 204 00:13:10,559 --> 00:13:11,800 Speaker 1: Tell me about the history of it. 205 00:13:12,480 --> 00:13:16,400 Speaker 2: Yeah, absolutely so. Crave is roughly ten year old streaming service. 206 00:13:17,679 --> 00:13:20,680 Speaker 3: It was the product of combining a few years ago 207 00:13:21,240 --> 00:13:25,480 Speaker 3: a couple of pre existing services, and when I came 208 00:13:25,520 --> 00:13:29,920 Speaker 3: on board, it was roughly three million subscribers. So just 209 00:13:29,960 --> 00:13:33,920 Speaker 3: to frame that for you, Canada is about sixteen plus 210 00:13:34,200 --> 00:13:37,439 Speaker 3: a million TV households, so three million. 211 00:13:37,320 --> 00:13:40,559 Speaker 2: Represents a sizable sweat, but still a minority. 212 00:13:41,160 --> 00:13:44,160 Speaker 3: And we set the goal at the outset to be 213 00:13:44,840 --> 00:13:48,560 Speaker 3: to double that in short order three four years. We 214 00:13:48,600 --> 00:13:52,199 Speaker 3: felt like again at the outside we talked about it. 215 00:13:53,800 --> 00:13:58,520 Speaker 3: It is a combination of HBO Max content. We've got 216 00:13:58,559 --> 00:14:02,840 Speaker 3: the exclusive on a real Max content, Stars content. 217 00:14:02,920 --> 00:14:04,760 Speaker 2: Some Disney and other. 218 00:14:06,280 --> 00:14:11,080 Speaker 3: CTV and other other brands content, thirty thousand hours at all. 219 00:14:11,640 --> 00:14:15,440 Speaker 3: And happily we've just recently announced that we passed the 220 00:14:15,640 --> 00:14:18,319 Speaker 3: four million subs mark and we've got that in the 221 00:14:18,400 --> 00:14:22,800 Speaker 3: rear view. So we've grown thirty ish thirty three or 222 00:14:22,840 --> 00:14:27,800 Speaker 3: so percent since since I joined and happily on a 223 00:14:27,880 --> 00:14:30,760 Speaker 3: journey to get to to get to that six and beyond, 224 00:14:30,800 --> 00:14:34,840 Speaker 3: and we are there's Netflix. They don't break out their 225 00:14:34,880 --> 00:14:38,960 Speaker 3: subs in public reports, but it goes Netflix, Amazon and 226 00:14:39,000 --> 00:14:42,160 Speaker 3: Disney and then US. So we're the largest Canadian player. 227 00:14:42,200 --> 00:14:44,840 Speaker 3: But again back to your question, it's how you manage this. 228 00:14:45,040 --> 00:14:48,960 Speaker 3: It's you know, we'll have a premiere on Grave that 229 00:14:49,120 --> 00:14:52,960 Speaker 3: will ultimately go to CTV. We'll premiere on CTV next 230 00:14:53,040 --> 00:14:55,840 Speaker 3: day on Grave. Some things will ultimately play on Grave 231 00:14:55,920 --> 00:14:59,800 Speaker 3: that never go anywhere else. And it's really comes back 232 00:14:59,840 --> 00:15:05,760 Speaker 3: to yes and feeding both both beasts, understanding that streaming 233 00:15:05,880 --> 00:15:09,880 Speaker 3: and direct consumer is, you know, is where where we're 234 00:15:09,960 --> 00:15:14,640 Speaker 3: ultimately going about recognizing and respecting and appreciating that we've 235 00:15:14,680 --> 00:15:16,920 Speaker 3: got a very big megaphone. 236 00:15:16,360 --> 00:15:19,520 Speaker 2: In CTV that generates a pretty big audience. 237 00:15:20,040 --> 00:15:22,080 Speaker 1: One thing I noticed about Crave is you've got a 238 00:15:22,120 --> 00:15:23,520 Speaker 1: lot of French language content. 239 00:15:23,960 --> 00:15:26,600 Speaker 3: Oh yeah, the multi language of it is it's very 240 00:15:26,640 --> 00:15:30,880 Speaker 3: much it's a very different uh community in Quebec. It's 241 00:15:31,040 --> 00:15:34,400 Speaker 3: very different expectations, it's a very different taste for you know, 242 00:15:34,400 --> 00:15:36,280 Speaker 3: when you look at a top ten rancor for what 243 00:15:36,480 --> 00:15:40,600 Speaker 3: content appeals as of our own star system. It's a 244 00:15:40,640 --> 00:15:45,280 Speaker 3: lot of locally produced UH French language content. And at 245 00:15:45,280 --> 00:15:47,920 Speaker 3: the same time we take that content, some of the 246 00:15:48,000 --> 00:15:50,760 Speaker 3: hit content we produced there and we're languaging it for 247 00:15:50,880 --> 00:15:53,800 Speaker 3: English audiences, and some of the biggest hits UH in 248 00:15:54,240 --> 00:15:57,200 Speaker 3: you know, French, we've crossed over nicely, and vice versus 249 00:15:57,200 --> 00:15:59,600 Speaker 3: some of the great UH some of the great global 250 00:15:59,640 --> 00:16:03,560 Speaker 3: and low English language when we've languaged has crossed over 251 00:16:03,680 --> 00:16:06,680 Speaker 3: quite nicely. So yeah, there's a lot. So I guess 252 00:16:06,880 --> 00:16:10,520 Speaker 3: the theme is just in Crave for starters, we have 253 00:16:10,800 --> 00:16:13,280 Speaker 3: in a sense a bundle of a lot of content. 254 00:16:13,520 --> 00:16:17,200 Speaker 3: Right then, when you're the sports leader with TSN, the 255 00:16:17,240 --> 00:16:20,360 Speaker 3: first thing we did was bundled Crave with TSN to 256 00:16:20,600 --> 00:16:23,960 Speaker 3: offer maybe the same way that Disney Plus is bundling 257 00:16:24,320 --> 00:16:29,680 Speaker 3: would bundle with a Hulu and an ESPN, we're bundling 258 00:16:30,160 --> 00:16:33,400 Speaker 3: Crave with TSN. And then and on top of that, 259 00:16:33,440 --> 00:16:37,880 Speaker 3: as you referenced, then working with with a leading service 260 00:16:38,000 --> 00:16:42,000 Speaker 3: like Disney, who we have a longstanding content relationship with, 261 00:16:42,920 --> 00:16:47,040 Speaker 3: and getting out and offering consumers bundles that include Crave, 262 00:16:47,560 --> 00:16:50,040 Speaker 3: TSN and Disney plus. 263 00:16:50,000 --> 00:16:52,200 Speaker 1: Obviously you've got a lot going on and a really 264 00:16:52,240 --> 00:16:55,640 Speaker 1: interesting set of assets to work with. Are you in 265 00:16:55,720 --> 00:16:59,160 Speaker 1: the market for significant M and A? Are you shopping 266 00:16:59,240 --> 00:17:01,640 Speaker 1: for significant pieces to bolt onto? 267 00:17:01,640 --> 00:17:07,159 Speaker 2: Bill media shopping is strong, I would say we're open. 268 00:17:08,640 --> 00:17:10,440 Speaker 2: I'd say our parent, as I. 269 00:17:10,359 --> 00:17:17,760 Speaker 5: Mentioned, BCE has been consistently, consistently employed m and A, 270 00:17:18,040 --> 00:17:22,639 Speaker 5: both acquisition and divestiture to you know, to tinker. 271 00:17:22,800 --> 00:17:26,600 Speaker 2: And you know, and really optimize its portfolio. 272 00:17:26,640 --> 00:17:29,960 Speaker 3: Most recently it bought a renounced the purchase of a 273 00:17:30,160 --> 00:17:36,160 Speaker 3: US fiber company called Zipley with Northwestern Fiber Company, and 274 00:17:36,440 --> 00:17:39,960 Speaker 3: also bought some out of home assets called which we're 275 00:17:40,000 --> 00:17:42,800 Speaker 3: called out ed out Front, which we've rebranded as out 276 00:17:42,920 --> 00:17:47,399 Speaker 3: Edge or they've become part of Astrol. So we've done 277 00:17:47,560 --> 00:17:52,240 Speaker 3: BCE has done acquisitions at scale at the Bell media level. 278 00:17:52,640 --> 00:17:54,400 Speaker 2: You would recall. 279 00:17:54,160 --> 00:17:57,399 Speaker 3: That we bought a controlling staate or a majority state 280 00:17:57,520 --> 00:18:02,280 Speaker 3: in a company in a UK content distribution company called 281 00:18:02,320 --> 00:18:05,800 Speaker 3: Sphere Advocates as a way to grow. 282 00:18:05,720 --> 00:18:07,560 Speaker 2: Our content sales around the world. 283 00:18:07,640 --> 00:18:09,800 Speaker 3: You know, we invest all this, as I mentioned on 284 00:18:09,920 --> 00:18:14,400 Speaker 3: Screen and content in Canada and felt. 285 00:18:14,080 --> 00:18:17,040 Speaker 2: Like it was a natural extension to. 286 00:18:18,680 --> 00:18:21,640 Speaker 3: Own the capability and build the capability to sell around 287 00:18:21,680 --> 00:18:27,280 Speaker 3: the world. We've also very recently announced an investment in 288 00:18:27,320 --> 00:18:31,560 Speaker 3: a minority stake in a US, Canadian and UK production 289 00:18:31,680 --> 00:18:38,119 Speaker 3: company called Blink forty nine, run by a very credible 290 00:18:39,400 --> 00:18:42,879 Speaker 3: entrepreneurial leader named John Marinus, who was one of the 291 00:18:42,920 --> 00:18:49,080 Speaker 3: original architects at E one. And so we are active 292 00:18:49,359 --> 00:18:52,800 Speaker 3: as we move, particularly in content, as we move from 293 00:18:53,480 --> 00:18:59,120 Speaker 3: not from being more than a streamer broadcaster to a distributor, 294 00:18:59,440 --> 00:19:04,919 Speaker 3: and you know, have a constellation of production sakes be 295 00:19:05,000 --> 00:19:07,080 Speaker 3: a little bit of a producer along the way. So 296 00:19:07,320 --> 00:19:10,320 Speaker 3: we're active there. I would say you could expect us 297 00:19:10,359 --> 00:19:15,359 Speaker 3: to be more of a tuck in acquirer and to 298 00:19:15,520 --> 00:19:19,000 Speaker 3: also play into or lean into more in the organic 299 00:19:19,240 --> 00:19:24,879 Speaker 3: growth down down the direct consumer streaming lane, down the 300 00:19:24,920 --> 00:19:28,480 Speaker 3: digital advertising lane, down the content lane. But that said, 301 00:19:28,520 --> 00:19:33,280 Speaker 3: I'd never say never, and it's an interesting, rapidly changing 302 00:19:33,320 --> 00:19:36,760 Speaker 3: world out there, and so we were certainly open to 303 00:19:37,119 --> 00:19:38,520 Speaker 3: transformational ideas. 304 00:19:38,960 --> 00:19:41,879 Speaker 1: Sean, thank you so much for taking the time to 305 00:19:41,960 --> 00:19:43,480 Speaker 1: talk me through all of this. 306 00:19:44,000 --> 00:19:47,119 Speaker 3: Thank you, Cynthia, thank you for diving into the misunderstood, 307 00:19:47,280 --> 00:19:48,720 Speaker 3: underestimated world. 308 00:19:48,440 --> 00:19:49,359 Speaker 2: Of Canadian media. 309 00:19:49,400 --> 00:19:52,080 Speaker 3: And I'm you know, more and more, like I said, 310 00:19:52,119 --> 00:19:55,879 Speaker 3: it's it's very very parallel, aligned with what's happening in 311 00:19:55,880 --> 00:19:59,359 Speaker 3: the US and elsewhere, and we at Bell are really 312 00:19:59,400 --> 00:20:02,800 Speaker 3: excited about what we're doing, about the organic growth that 313 00:20:02,840 --> 00:20:07,159 Speaker 3: we've unlocked in Canada, and about being more active in 314 00:20:07,280 --> 00:20:13,679 Speaker 3: distributing content and producing content with global portability. 315 00:20:15,760 --> 00:20:18,679 Speaker 6: Thanks for listening. 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