For decades, Hollywood has travelled north to film in Canada, with productions such as the Twilight movies and the Suits TV series lured by generous tax incentives and skilled crews. Now the country’s largest media company wants to flip the script and sell more Canadian shows to Hollywood.
Bell Media, the television and radio subsidiary of Quebec-based telecom company BCE Inc., has signed deals to develop new shows with Canadian stars who’ve made it big in the U.S., including Seth Rogen, Tom Green and Elliot Page. On Wednesday, the company acquired a majority stake in distributor Sphere Abacus, which will help sell Bell Media’s productions internationally.
“The goal is to do great, global and profitable stories,” Sean Cohan, the president of Bell Media, said in an interview. “Don’t just think about us as a place to make cheap stuff. There are Canadian creatives that are the best in the business, wherever they now reside.”
Bell Media spends more than C$1 billion ($700 million) a year on programming for its various media outlets, which include the CTV broadcast network, the TSN sports channel and the Crave streaming service. That makes it one of the largest content buyers outside the U.S.
To comply with Canadian regulations, a significant portion of that spending goes to local productions. Its hits have included the critically acclaimed Orphan Black science fiction series, and Shoresy, a comedy that streams on Walt Disney Co.’s Hulu.
To build out Bell Media’s library, Cohan is seeking to invest in production companies that will give the company access to new shows and a share in their success. He’s doing so at a time when many U.S. media companies have pulled back on their spending.
Bell Media isn’t immune to the challenges sweeping the entertainment industry, including falling cable-TV subscriptions and viewers for traditional networks. Bell Media’s sales grew just 1.1% to C$3.2 billion last year, accounting for about 15% of BCE’s revenue. Profit grew faster, and Cohan is targeting mid-single-digit sales growth in the medium term.
As the traditional TV business winds down, Cohan, an American who previously served as president of TV ratings service Nielsen’s international division, sees an opportunity to build Bell Media’s production and streaming arms.
“We’re doubling down on areas that are growing,” Cohan said. “We can buy content, make content, and make sure we’re getting the best ideas and benefit from their success.”
BNN Bloomberg is part of Bell Media, which is owned by BCE.
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