Management’s Discussion and Analysis Telesat CGI Product Line Analysis 56 Bell Canada Enterprises  2004 Annual Report of the top 20 programs in each season, and higher advertising line rates at  The Globe and Mail • subscriber revenue growth of 2.4%, reflecting  specialty channel subscription growth, and online  subscription growth and cover price increases at  The Globe and Mail . This increase was partly offset by a decline in produc- tion and other revenues of 13.8% or $13 million in 2004 as a result of the sale of a 50% interest in Dome Productions Inc. in January 2004. Bell Globemedia’s operating income grew 44% or $73 million to $240 million in 2004, compared to 2003, as a result of the increase in revenues, which was  complemented by cost savings. Telesat’s revenues grew 4.9% or $17 million to $362 mil- lion in 2004, compared to 2003. This increase was the result of higher telecommunications revenues, which more than offset lower consulting fees. On October 1, 2004, Telesat’s Anik F2 satellite began commercial service and became the world’s  first satellite to commercialize the Ka frequency  band, enabling two-way, high-speed Internet access services to consumers and businesses in Canada and the United States. Telesat’s operating income grew 13.7% or $17 mil- lion to $141 million in 2004, compared to 2003.  This increase was the direct result of the increase  in revenues. Our share of CGI’s revenues grew 22% or $181 million to $1,019 million in 2004, compared to 2003. Our share of CGI’s operating income grew 3.3% or $3 mil- lion to $94 million in 2004, compared to 2003. In each case, the increase was driven mainly by CGI’s acquisi- tion of AMS in May 2004. In addition to discussing our financial results by busi- ness segment, we believe that a separate discussion of Bell Canada’s consolidated revenues by product line provides further insight into management’s view of our financial results. The table to the right shows Bell Canada’s consolidated revenues by product line. Local and access revenues declined 0.5% or $29 mil- lion to $5,572 million in 2004, compared to 2003. LOCAL AND ACCESS PRODUCT LINE REVENUE BREAKDOWN 2004 2003 % CHANGE Local and access 5,572 5,601 (0.5%) Long distance 2,327 2,544 (8.5%) Wireless 2,818 2,461 14.5% Data 3,640 3,717 (2.1%) Video 850 759 12.0% Terminal sales and other 1,580 1,532 3.1% 16,787  16,614 1.0% Local and Access 03 04 0 5,572 5,601 13,051 12,905 Revenues NAS 2003 2004 9% 15% 34% 22% 5% 15% Local and access Long distance Wireless Data Video Other Local and access Long distance Wireless Data Video Other 9% 14% 33% 22% 5% 17%