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BCE Inc. is Canada’s largest communications company, offering a wide range of solutions for residential, business, and wholesale customers. It operates through two main segments: Bell Communication and Technology Services (Bell CTS) and Bell Media. BCE provides communication products, media content, and advertising services across Canada, leveraging its extensive networks and strategic partnerships.
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Bell Communication and Technology Services (Bell CTS) - Provides wireless and wireline communication products and services, including mobile data and voice plans, internet access, IPTV, cloud-based services, and voice solutions. Offers satellite TV services nationally and operates a wholesale business for telephone, long-distance, and data services.
- Wireless Products and Services - Offers mobile data and voice plans, streaming services, and devices available nationally.
- Wireline Products and Services - Includes internet access, IPTV, cloud-based services, business solutions, and voice services primarily available in Ontario, Québec, Atlantic provinces, and Manitoba.
- Satellite TV Services - Provides satellite TV connectivity for residential and business customers across Canada.
- Wholesale Business - Buys and sells local telephone, long-distance, and data services to resellers and carriers.
- Consumer Electronics Retail - Operates Best Buy Express stores through a strategic partnership with Best Buy Canada.
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Bell Media - Delivers media content and advertising services through conventional TV, specialty TV, pay TV, streaming platforms, radio broadcasting, and out-of-home advertising. Focuses on digital media and advanced advertising solutions.
- Video Services - Includes conventional TV, specialty TV, pay TV, and streaming platforms.
- Audio Services - Provides radio broadcasting services.
- Advertising - Offers out-of-home advertising and advanced advertising solutions.
- Digital Media - Focuses on digital media services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Curtis Millen ExecutiveBoard | Executive Vice President and Chief Financial Officer | St. Mary's Hospital Foundation | Curtis Millen is the Executive Vice President and Chief Financial Officer of BCE and Bell Canada since September 1, 2023. Previously, he served as Senior Vice President, Corporate Strategy and Treasurer and as President of BIMCOR after joining Bell in 2008. | |
Mirko Bibic ExecutiveBoard | President and Chief Executive Officer | Royal Bank of Canada (Board); Maple Leaf Sports & Entertainment (Board) | CEO of BCE Inc. and Bell Canada since January 2020, previously served as Chief Operating Officer starting in October 2018, and held other executive roles at Bell since 2004. | View Report → |
Blaik Kirby Executive | Group President, Consumer and Small & Medium Business (SMB) | Board Member, Glow Financial Services | Blaik Kirby has served as the Group President, Consumer and Small & Medium Business (SMB) at Bell Canada since February 2022, leading the company’s wireless and wireline teams. Previously, he held various key roles at Bell – including Vice President, Corporate Strategy, Senior Vice President of Marketing and Sales, Chief Marketing Officer, and President of Mobility – and he also serves on the board of Glow Financial Services. | |
John Watson Executive | Group President, Business Markets, AI and FX Innovation | Board Member, Sanctuary AI | John Watson is a seasoned executive with over 25 years of experience in the communications sector. He has been serving as Group President, Business Markets, AI and FX Innovation at BCE since October 2024, leading the company's largest enterprise communications business and driving strategic initiatives in AI. | |
Sean Cohan Executive | President of Bell Media | Sean Cohan is the President of Bell Media, a subsidiary of BCE, a role he has held since November 1, 2023. Previously, he served as Chief Growth Officer & President at Nielsen Holdings and as President, International and Digital Media at A+E Networks. | ||
Calin Rovinescu Board | Corporate Director | Chair of the board of directors of CAE Inc.; Member of the Board of Directors of the Bank of Nova Scotia; Senior advisor to Teneo | Calin Rovinescu has been a corporate director at BCE since February 2021 and served on the BCE Board since April 2016. He previously served as President and CEO of Air Canada until February 2021. | |
Charles (C.) Wright Board | Director | President of Wittington Investments, Limited; Director of George Weston Limited; Director of Loblaw Companies Limited; Director of Choice Properties REIT; Trustee of the University Health Network; Member of the Dean’s Advisory Board at the Rotman School of Management | Charles (C.) Wright has been a director at BCE since April 2021 and serves on the Audit, Governance, and Risk and Pension Fund Committees. He also holds significant external roles including being the President of Wittington Investments, Limited since January 2022 and serving as a director of George Weston Limited, Loblaw Companies Limited, and Choice Properties REIT. | |
Gordon M. Nixon Board | Chair of the Board | Trustee of the Art Gallery of Ontario; Director and Chair of the Nominating, Governance and Sustainability Committee at BlackRock, Inc.; Lead Director of George Weston Limited | Gordon M. Nixon is the Chair of the Board for BCE Inc. and Bell Canada since April 2016, and he is renowned for a distinguished career that includes serving as President and CEO of the Royal Bank of Canada from August 2001 to August 2014. | |
Jennifer Tory Board | director of BCE | Board member, Sunnybrook Hospital Foundation | Jennifer Tory is a director of BCE since April 2021, previously serving as Chief Administrative Officer at RBC until December 2019 and as Group Head, Personal & Commercial Banking at RBC from 2014 to 2017. | |
Johan Wibergh Board | Corporate Director | AST SpaceMobile, Inc.; Trimble Inc.; Inception Holding; Cohere Technologies | Johan Wibergh is a seasoned technology executive with over 35 years of experience, having served as Chief Technology Officer at Vodafone from 2015 to January 2023 and EVP & Head of Business Unit Networks at Ericsson over a period of 6.5 years. He currently serves as Corporate Director at BCE since November 2023. | |
Katherine Lee Board | corporate director | Director at Colliers International Group Inc.; Director at Public Sector Pension Investments | Katherine Lee is a corporate director at BCE since March 2018 and serves on the Audit and Corporate Governance Committees. Previously, she was President and CEO of GE Capital Canada from 2010 to February 2015 and held various leadership roles at GE Capital. | |
Kirsten (K.) Sheriff Board | Corporate Director | Chair of the board of directors of Emera Inc | Karen (K.) Sheriff is a corporate director at BCE since October 2016 and joined the BCE Board in April 2017. She has significant leadership experience, previously serving as President and CEO of Q9 Networks Inc and Bell Aliant, and she is currently the Chair of the board of directors of Emera Inc. | |
Louis P. Pagnutti Board | Director | Louis P. Pagnutti has been a director at BCE since November 2020 and has served as Chair of the Audit Committee since January 2021. Previously, he was Global Managing Partner Business Enablement at EY until his retirement in September 2020. | ||
Louis Vachon Board | independent director | Operating Partner at J.C. Flowers & Co.; Board member of Alimentation Couche-Tard Inc.; Board member of Groupe CH Inc.; Board member of Infinite Investment Systems Ltd. | Louis Vachon is currently an independent director at BCE Inc. since October 2022. He previously served as President and CEO of National Bank of Canada from 2007 to November 2021 and has been Operating Partner at J.C. Flowers & Co. since January 2022. | |
Monique F. Leroux Board | Director | Independent Director at Michelin Group; Independent Director at Alimentation Couche-Tard Inc. | Monique F. Leroux has been a director of BCE since April 2016 and currently serves as the Chair of the Corporate Governance Committee since March 6, 2025. She has held significant roles including CEO of Desjardins Group (2008-2016) and Audit Partner at Ernst & Young (1988-1995) while also serving as an independent director at Michelin Group and Alimentation Couche-Tard Inc.. | |
R. Bruce (R.P.) Dexter Board | Director | Chair and Chief Executive Officer of Maritime Travel Inc. | R. Bruce (R.P.) Dexter has served as a director at BCE Inc. since November 2014 and is a member of key committees including the Compensation and Risk and Pension Fund Committees. He is also the Chair and Chief Executive Officer of Maritime Travel Inc. since July 1979, demonstrating extensive experience in corporate governance and communications. | |
Sophie A. Murray Board | Independent Director | Chair of the Board of Teck Resources Limited; Trustee of Granite REIT | Sophie A. Murray has been an independent director at BCE since May 2020 and currently serves as Chair of the Compensation Committee and a member of the Governance Committee since May 2024. |
- Considering your plan to deleverage to 3.5x net debt by 2027 alongside the increased debt from the Ziply acquisition and asset sales of $7 billion, how do you reconcile these opposing forces, and what assumptions are you making about free cash flow volatility in achieving this target?
- The reduction of your annualized dividend from $3.99 to $1.75 per share is a significant change; how does this adjustment specifically enhance flexibility for deleveraging while balancing growth investments and shareholder returns?
- With the strategic PSP partnership expected to boost free cash flow by over $1 billion over 2026–2028, can you detail the financial mechanics behind the $1.5 billion PSP contribution and whether additional funding might be required to hit the target of 6 million fiber passings?
- In light of mixed mobile performance—evidenced by a slight net loss in total mobile subs and a 1.8% decline in mobile ARPU—how sustainable are your wireless margin improvements in a competitive pricing environment, and what measures are in place to mitigate potential revenue erosion?
- Your accelerated fiber deployment strategy aims to reach 3 million homes by 2028, integrating Ziply’s fiber assets with the PSP partnership; what are the key risks and sensitivities that could impact these ambitious build targets, and how has this integration reshaped the timeline and economics of your fiber expansion?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Stratejm Inc. | 2024 | The acquisition involved a cash consideration of $78 million plus up to $11 million in contingent payments (potentially reaching $20 million by 2027), strengthening Bell’s cybersecurity offerings through AI-powered Security-as-a-Service solutions and creating $87 million in goodwill. |
CloudKettle Inc. | 2024 | CloudKettle Inc. was acquired to add professional and managed services expertise in Salesforce digital workflow automation, supporting Bell’s digital transformation strategy for medium and large organizations. |
Ziply Fiber | 2025 | Valued at approximately $3.65 billion USD in cash plus the assumption of $1.45 billion USD in net debt (totaling about $5.1 billion USD), this deal is set to accelerate Bell’s position as North America’s third-largest fibre internet provider, with closing expected in the second half of 2025 and financing structured via MLSE divestiture proceeds and a term loan facility. |
OUTEDGE (Media Canada) | 2024 | The OUTEDGE acquisition, completed for $429 million in cash, supports Bell Media’s digital media strategy by enhancing multi-channel marketing solutions, generating $330 million in goodwill, and including regulatory conditions such as the disposal of 669 advertising displays. |
HGC Technologies Inc. | 2024 | FX Innovation’s acquisition of HGC Technologies Inc., completed on October 9, 2024, enhanced its ServiceNow and process automation capabilities, supporting digital transformation and providing access to a growing U.S. customer base. |
FX Innovation | 2023 | Completed on June 1, 2023 for $157 million in cash plus up to $6 million in contingent payments, this acquisition bolstered Bell’s cloud and workflow automation offerings, with significant goodwill of $151 million, positioning Bell as a technology services leader for its enterprise customers. |
OUTFRONT Media Inc. (Canadian Out-of-Home Media Business) | 2024 | Valued at $410 million and expected to close in the first half of 2024, this acquisition enhances Bell Media’s national out-of-home presence and digital media strategy by delivering multi-channel marketing solutions and complementing its existing footprint. |
EBOX and related companies | 2022 | Acquired in February 2022 for $153 million, this deal expanded Bell’s presence in Québec and parts of Ontario by integrating Internet, telephone, and television services, driving subscriber growth and operational synergies. |
Distributel Communications Limited | 2022 | Announced on September 2, 2022 with a valuation of up to $335 million (contingent on performance objectives), the acquisition supports Bell’s strategy to grow its residential and SMB customer base in its Wireline segment. |
Recent press releases and 8-K filings for BCE.
- BCE Inc. concluded the sale of its ownership stake in Maple Leaf Sports and Entertainment (MLSE) to Rogers Communications Inc. for CA$4.7 billion ($4.2 billion net of taxes) on July 2, 2025.
- The proceeds from the sale will be directed to support BCE's acquisition of Ziply Fiber, a leading fibre Internet provider in the Pacific Northwest of the United States.
- This transaction converts BCE's passive interest in MLSE into a core business growth driver, accelerating fibre expansion in the U.S. market, with a goal to reach up to 8 million fibre locations in the U.S. through a partnership with PSP Investments.
- As part of the MLSE transaction, Bell Media secured long-term content rights for the Toronto Maple Leafs and Toronto Raptors on TSN through the 2043/2044 season.
- BCE reset its dividend to a level that supports natural deleveraging, funds growth platforms and maintains a 5–5.5% yield, providing “adequate financial flexibility” for capital allocation priorities.
- The company expects to reduce leverage from 3.8x (post-Ziply) to 3.5x by end-2027 and to 3.0x by 2030, pro forma for the Ziply acquisition, $7 billion of non-core asset monetizations, $2 billion of annual cost savings and a $1.5 billion equity injection into the Network FiberCo.
- BCE announced a JV with PSP Investments to form Network FiberCo, targeting 6 million incremental U.S. fiber passings (1 million within Ziply’s footprint and 5 million beyond) and returns in excess of 20%, with build-out over approximately 10 years.
- The company has upsized its cost transformation program to $1.5 billion of savings by 2028 through digital automation, process simplification and legacy system rationalization.
- BCE delivered robust Q1 2025 performance with net earnings of $683 million (up 49.5% YoY), EPS of $0.68 (adj. $0.69), and strong cash flows—free cash flow jumped to $798 million and operating cash flows reached $1,571 million .
- BCE formed a strategic partnership with PSP Investments for its Ziply Fiber initiative, creating Network FiberCo to accelerate U.S. fiber expansion .
- In the partnership, PSP Investments commits over US$1.5 billion and will own 51% of Network FiberCo while BCE (via Ziply Fiber) holds 49%, with capital structured through proportional equity funding and non-recourse debt .
- Network FiberCo is targeting an initial build-out of approximately 1 million fiber passings with plans to expand to up to 6–8 million total passings, focusing on underserved markets .
- The transaction, contingent on BCE’s acquisition of Ziply Fiber, is expected to close in the second half of 2025 .
- BCE confirmed its annualized dividend at $1.75 per share, aiming for a 40–55% free cash flow payout and freeing approximately $2.1 billion to strengthen the balance sheet .
- Broader capital allocation initiatives target a net debt/EBITDA of ~3.5× by end-2027 and include transformation efforts (automation, AI, modernizations) with a savings goal of C$1.5 billion by 2028 .