Heated Rivalry’s success saves tough 2025 finish for Bell Media

The Canadian hockey romance sensation Heated Rivalry spurred a marked increase in subscriptions to the Bell-owned Crave streaming service, helping offset a poor final quarter of 2025 for Bell Media. The global success of Heated Rivalry helped year-over-year Crave subscriptions increase by 26 per cent over Q4, with the subscriber base now totalling 4.6 million. During a quarterly conference call on Thursday, BCE Inc. executives said the Canadian smash hit helped Crave have its most-watched final quarter since the service launched in 2014. Crave’s recent success lessened the blow of a 3.4 per cent downturn in Bell Media operating revenues, prompted by lower year-over-year advertising revenues that the company attributed to “lower… demand for traditional advertising and radio station divestitures.” For 2025, Bell Media’s operating revenue saw a marginal 0.1 per cent growth to $3.15 billion. Taking into consideration the entire enterprise, BCE’s total Q4 revenues were down compared to 2024 by 0.3 per cent for a total $6.4 billion, while the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was up by 2.3 per cent. The company also posted net earnings of $632 million over the final quarter. “Bell’s disciplined focus on its four strategic priorities — putting the customer first; delivering the best fibre and wireless networks; leading in enterprise with AI-powered solutions; and building a digital media and content powerhouse — delivered strong results in 2025,” said BCE CEO Mirki Bibic in a statement. In other news, Bell reported more than 56,124 postpaid mobile phone net subscriber activations in Q4, marking the third-consecutive quarterly increase. However, the company’s mobile phone blended ARPU (average revenue per user) fell slightly (0.8 per cent) to $56.72. Meanwhile, retail fibre internet net subscriber activations totalled 49,168 over the same timespan. As a result, Bell’s internet revenue saw a year-over-year increase of 16.6 per cent. The company also noted a 31 per cent boost in “AI-powered solutions revenue,” which it attributed to Bell Cyber and Ateko, an IT firm backed by Bell. The company also picked up $232 million in U.S. revenues over the fourth quarter, largely attributed to the company’s recent acquisition of the American internet service provider Ziply Fiber, based in the Pacific Northwest. Additionally, adjusted EBITDA for the company’s U.S. operations totalled $100 million. Altogether, Bell’s service revenue fell by 1.1 per cent to $4.5 billion in Q4, while product revenue decreased by 15 per cent, due to fewer material sales from “bring-your-own device customer activations,” according to the company. However, Bibic explained that the company met each of its financial guidance targets for 2025, and expects revenue growth between one and five per cent for 2026. Over the current year, Bell is also projecting adjusted EBITDA growth between zero and four per cent, lower capital intensity below the 15 per cent threshold, and a maintained annualized common dividend per share of $1.75. “2025 was about setting the plan: strengthening the balance sheet, sharpening our capital allocation discipline and clearly defining our three-year strategy,” continued Bibic. “With a clear strategy, a more disciplined capital framework and the organization energized and aligned around delivery, we are well positioned to drive sustainable free cash flow growth and deliver long-term returns for shareholders.” Markets have seemingly responded to Bell’s underwhelming Q4 results, as the company’s stock fell by nearly two-points on Thursday morning. news@thewirereport.ca

Heated Rivalry’s success saves tough 2025 finish for Bell Media

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By Wire Report Staff
|February 5, 2026

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Heated Rivalry’s success saves tough 2025 finish for Bell Media

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