Q: It appears that BCE would eventually lose HBO in it's Crave offering if Netflix buys Warner Bros. How significant would this be for BCE?
5i Research Answer:
Any deal of course remains in question. Such a move would be negative for BCE, but probably manageable over time. Crave remains a growth driver for BCE's Bell Media segment, with total subscriptions reaching 4.1 million in Q2 2025 (up 29% year-over-year) and direct-to-consumer streaming subscribers surging 72%. HBO and Warner content underpin Crave's premium positioning via a multi-year extension signed in 2024, fueling subscriber revenue growth. Losing this could challenge Crave's ability to justify its pricing, potentially eroding its competitive edge against Netflix.