Rumors of the sale of RDS and TSN continue to circulate, and each day brings its share of frightening confirmations of an existential crisis at Bell Media.
As the telecommunications giant suffers a historic 35% fall in the stock market this year, one question resonates: how did a once legendary company reach this breaking point?
In 2024, BCE stock reached its lowest level in more than 14 years. The company's market capitalization fell by $16.4 billion, directly hitting millions of shareholders, including Quebec institutions like the Caisse de dépôt et placement du Québec, which recorded a paper loss of $273 million. dollars this year.
The reasons for this free fall are multiple.
The decline in revenues in key segments, notably media, is unmerciful.
Intensifying competition in telecommunications, where companies like Quebecor are recording gains following the acquisition of Freedom Mobile.
Imagine. Bell lost $1.2 billion in the last quarter. The depreciation of its media assets is heartbreaking.
Falling advertising revenue, exacerbated by the dominance of digital giants like Google and Amazon, was the latest knockout.
Considering the sale of RDS and TSN is a decision which only accentuates the perception of a dangerous strategic retreat.
These channels, which embody sporting excellence in Canada, are now considered dead weight in a sector where Bell no longer sees a future.
Yet this disengagement endangers not only media assets, but also a deeply rooted cultural heritage.
Since the loss of national rights to the NHL in 2013, RDS and TSN have seen their hopes dim. The economic model of traditional sports television, based on expensive subscriptions and ever more expensive broadcasting rights, is now outdated in the face of the rise of digital platforms like Amazon Prime.
But it is not only digital platforms that endanger these institutions. It is also the lack of strategic courage from Bell, which seems ready to sacrifice channels like RDS to secure short-term financial returns instead of rethinking its media model.
The atmosphere is heavy in the RDS studios. Rumors of sales, combined with uncertainty over regional broadcasting rights which expire in 2026, are creating a climate of fear and disillusionment for RDS employees.
For Quebec sports fans, this situation is a hard blow. RDS is not just a television channel: it is a unifier, a space where sporting passions are transformed into shared moments.
The disappearance or sale of RDS would represent an irreplaceable loss for Quebec sports culture.
At the heart of this crisis, Bell's leadership, embodied by its CEO Mirko Bibic, seems increasingly disconnected from the reality of Canadians.
While the company increases layoffs and records massive losses, it continues to pay record dividends of $3.7 billion to its shareholders.
This policy has sparked scathing criticism, notably from the Unifor union, which denounced inhumane treatment of its employees.
Traditional television is in crisis, and RDS is at the center of this storm. But instead of looking for innovative solutions to breathe new life into this institution, Bell seems ready to abandon ship.
To offset its losses and generate cash, Bell began a methodical divestiture of some of its most valuable sports assets.
The sale of its shares in Maple Leaf Sports & Entertainment (MLSE) is a prime example. This transaction may have brought temporary relief, but it smacks of panic.
The question now arises: what is left to sell at Bell? The rumors of the sale of RDS and TSN are only the beginning.
Bell may also have to consider getting rid of expensive sponsorships like that of the Bell Centre.
Imagine for a moment: the Bell Center, this sacred place for hockey fans, could lose its name to become an Amazon Center. Yuck.
This change would further symbolize the fall of a giant, but also a break with the collective identity of Quebecers.
While millions of Quebecers are losing money on the stock market because of Bell, the company continues to favor management focused on dividends and deep cuts, without any real plan to redress its situation.
Worse yet, by withdrawing from sports media and abandoning assets like RDS, Bell would be betraying its commitments to a community that has supported it for decades.
Bell is no longer the company that connects Quebecers.
The company is at a crossroads. Its desperate choices to generate cash, combined with disastrous management of its media assets, herald an undeniable downfall.
Quebecers, through their investment portfolios, their pensions and their sports culture, are paying a high price for this debacle.
Traditional sports television, like Bell's image itself, is disappearing.
And when the Bell Center is no longer the Bell Centre, there will only be one bitter truth left: Bell has abandoned his leadership role to become a spectator of his own fall.
Platforms like Amazon Prime are positioning themselves as preferred buyers of NHL rights from 2026.
And we have to wonder if Amazon will be interested in offering hockey in French. Or if Quebecers will be forced to watch their national sport…in English…
Bell, once a symbol of stability and innovation, is today a giant on the verge of collapse. The decisions made in the coming months will determine not only the future of RDS and TSN, but also the role of Bell in the Canadian media landscape.
For now, the results are grim: massive losses, an unclear strategy, and a rapidly declining subscriber base.
RDS, once at the top, is now a trembling institution, threatened by an outdated economic model and a corporate management that seems to have lost sight of its cultural and social responsibilities.
The fall of Bell is more than an economic problem: it is a symbol of the collapse of an era, where traditional television is giving way to soulless digital giants.
