Let's focus first on Bell Media. There are massive losses in conventional TV of $180 million. Our news service loses $40 million a year. Advertising revenues declined $140 million in 2023 over 2022. We need to adjust to those circumstances.
The Canadian economy is not faring very well.
In terms of advertising, advertising has shifted to digital channels. Even 70% of the federal government's advertising budget has gone to digital. That's $48 million. That's just an example to show you that even the federal government is driving its advertising dollars to digital. We've had to adjust, and we've had to pivot towards digital as well.