The acquisition of CTV by Bell led to the creation of Bell Media, which now generates over 50% of the industry's earnings before interest, taxes, depreciation and amortization (EBITDA) and cash flow. Bell Media's television broadcasting operations account for 80% of the company. In the 2014/2015 television season, Bell Media's network broadcast ratings on CTV and CTV2 grew 11% while competitors Global, City/Omni, and CBC all saw declines. Bell Media also outgrew the rest of the Canadian broadcast industry in absolute specialty channel viewing.

1. The acquisition of CTV led to the creation of Bell Media, a company which now
generates over 50% of the industry’s EBITDA and cash flow
$275,146
$408,664
$456,991
$557,918
$679,812
$37,000
$335,000
$277,662
$4,779$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
2010 2011 2012 2013 2014
Bell Media
Rogers Media
Shaw Media
Corus
TVA
Canadian Broadcast Industry Simple FCFCanadian Broadcast Industry EBITDA
$343,294
$499,331
$552,907
$651,322
$826,675
$131,000
$353,000
$289,638
$29,426
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
2010 2011 2012 2013 2014
Bell Media
Rogers Media
Shaw Media
Corus
TVA
Publicly reported financial results, Adjusted for Bell Media to reflect "broadcast year" vs. "calendar year“ for consistency with peers

2. Television broadcasting is 80% of Bell Media, and our Television Performance
in ‘14/’15 Season is UNPRECEDENTED...
In “network broadcast” television we have grown
ratings 11% STD (CTV/CTV2), Global is down 2.5%,
Rogers is down 4% (City/Omni), and CBC is down 12%
In “specialty broadcast” television Bell, Shaw, and Rogers
are all up 3%, & Corus is up 1%... But in absolute viewing
we have outgrown the rest of the industry combined!
CTV wins every single prime time hour of the week (with the key
ad sales demo) except for Saturday “Hockey Night in Canada). CTV
dominates with 14 of the top 20 shows in the country.