Canadian LicensingThe new licensing agreement with Bell Canada shifts Canadian operations to a licensing model, expected to generate recurring licensing revenue and improve margins and free cash flow in 2026.
Content OwnershipManagement's objective to own more than half of the content slate positions the company to license shows internationally at higher contribution margins, supporting margin expansion as content costs decline.
Franchise-driven GrowthThe return of established franchises like Spartacus and launches such as Fightland should attract core viewers and strengthen OTT subscriber growth and engagement.