Pay and Specialty - Comedy Gold (formerly TV Land)

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
405426314 Comedy Gold (formerly TV Land) Bell Media Inc. BCE Inc. Specialty (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,766,790 1,800,805 1.93 1,937,613 7.60 2,038,598 5.21 1,791,980 -12.10 0.4
DTH revenue 621,431 1,315,276 111.65 1,732,986 31.76 1,481,781 -14.50 1,303,616 -12.02 20.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 863,501 1,098,409 27.20 1,459,282 32.85 1,208,802 -17.16 1,381,276 14.27 12.5
Other revenue 0 0 0 0 0
Total Revenue 3,251,722 4,214,490 29.61 5,129,881 21.72 4,729,181 -7.81 4,476,872 -5.34 8.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 635,510 1,199,664 88.77 1,085,366 -9.53 1,175,110 8.27 888,184 -24.42 8.7
Technical 233,109 244,893 5.06 256,193 4.61 245,553 -4.15 223,832 -8.85 -1.0
Sales and Promotion 82,526 106,188 28.67 114,990 8.29 58,516 -49.11 101,305 73.12 5.3
Administration and General 201,979 197,426 -2.25 224,463 13.69 217,801 -2.97 256,662 17.84 6.2
Total Expenses 1,153,124 1,748,171 51.60 1,681,012 -3.84 1,696,980 0.95 1,469,983 -13.38 6.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,098,598 2,466,319 3,448,869 3,032,201 3,006,889
Depreciation 218,565 66,811 -69.43 70,522 5.55 67,426 -4.39 71,140 5.51 -24.5
P.B.I.T. 1,880,033 2,399,508 3,378,347 2,964,775 2,935,749
Interest Expense 199,000 0 -100.00 0 0 0
Adjustments - Gain (Loss) 0 -286,678 -474,856 65.64 -412,875 -13.05 -178,114 -56.86
Pre-tax Profit 1,681,033 2,112,830 2,903,491 2,551,900 2,757,635

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 125,000 66,293 -46.97 139,567 110.53 236,549 69.49 202,912 -14.22 12.9
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 121,374 0 -100.00 0 0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 125,000 187,667 50.13 139,567 -25.63 236,549 69.49 202,912 -14.22 12.9
Canadian Programming/Revenue (%) 3.84 4.45 2.72 5.00 4.53

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 21,469 46,943 118.65 9,221 -80.36 0 -100.00 0 -100.0
Average Staff Count 0.51 1 96.08 0.15 -85.00 0 -100.00 0
Avg Remuneration ($) 42,096 46,943 11.51 61,473 30.95

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 968,217 943,722 -2.53 894,185 -5.25 839,127 -6.16 775,915 -7.53 -5.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 64.5 58.5 67.2 64.1 67.2
P.B.I.T. Margin 57.8 56.9 65.9 62.7 65.6
Pre-tax Margin 51.7 50.1 56.6 54.0 61.6

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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