The Globe and Mail reports in its Tuesday edition that last month, Bell parent BCE announced financial results that included a presentation telling investors that June's Montreal Grand Prix, won by driver Max Verstappen, ranked as the most-watched Formula One race on record. The Globe's Andrew Willis writes that Bell chief executive officer Mirko Bibic wanted to highlight the massive audience for the race on Bell-owned CTV and TSN television networks as proof that the telco's sports-anchored, digital-first media strategy is a winner. Just how much Mr. Verstappen's victory meant to Bell became clear on Monday, in a report from BMO Capital Markets that detailed the lucrative but challenging dynamics of the country's sports broadcasting industry. F1 races, hockey playoffs and the Toronto Blue Jays' wild-card battle are increasingly the engine driving an otherwise low-growth media businesses at Bell and Rogers, according to BMO's Tim Casey. The downside to sports, however, is that the margins earned on broadcasts are in free fall at both Bell and Rogers, reflecting the soaring cost of content. For example, the cost of broadcasting of an NBA game jumps 9 per cent each year, while NFL rights are rising 5 per cent annually.