Mixed Signals from Semafor Media

Episode Summary: "Heated Rivalry & ‘Big C’ Canadian Content, with Bell's Sean Cohan"

Air Date: January 30, 2026
Guests: Sean Cohan, President of Bell Media
Hosts: Max Tani (A), Ben Smith (B)

Overview

This episode dives deep into the unexpected cultural and industry impact of Heated Rivalry, a Canadian gay hockey romance show that’s become a global sensation. Hosts Max Tani and Ben Smith explore how it moved from cult niche to international pop culture hit with Bell Media President Sean Cohan, while unpacking big questions about Canadian media’s global ambitions, representation, and what this success means in a shifting North American media landscape.

Key Discussion Points & Insights

1. The Origin Story of Heated Rivalry

• Pitch & Development:
  • Jacob and Brendan of prodco Accent identified Rachel Reid's "Game Changers" book series (soon to be seven books), an under-tapped genre with a strong online fandom.
  • The project prioritized authentic Canadian culture and honest, explicit queer representation.
  • Bell Media committed to the show independently after co-production partners hesitated on keeping it "too Canadian" and maintaining its level of erotic authenticity.
    • Sean Cohan [06:52]:

      “I call this thing a gay hockey romance... People have called it romantasy... But the team got really interested in, found a great deal of fandom... There’s such a great kind of longing and forbidden romance piece to this.”

2. Genre & Representation: Breaking Through

• Industry Vacuum:
  • Bell sought new territory in romance, which Cohan notes is “underappreciated and undervalued” in North American streaming.
  • The creative team deliberately chose to fill a gap rather than imitate mainstream formulas.
  • Representation mattered: explicit queer sexuality as a mainstay, rather than “token” visibility.
    • Sean Cohan [07:52]:

      “Our creatives argue objectively and quite persuasively, we’re not showing anything that anybody hasn’t. It’s just that it’s... Queer sex.”

3. Why Bell Went Alone – Fast, Nimble, and Proudly Canadian

• Calculated Risks:
  • Bell Media’s leaner structure enabled quick green-lighting, in contrast to slower responses from possible partners.
  • Others wanted to “dial back the Canadiana”—but Bell doubled down, believing distinctiveness could be an asset, not a liability.
    • Sean Cohan [11:23] on partner reactions:

      “Some folks wanted to dilute the Canadiana or the big C Canadian of it... Some wanted to dial back how explicit it was... We’re fired up to have taken the calculated risk.”

4. “Big C” Canadian: Culture Clash & Opportunity

• Authenticity vs. Market Demands:

  • American partners showed unease over “Big C Canadian” content—hyper-specific cultural references, local settings, and sensibilities.
  • Cohan, an American himself, reflects on cultural differences and proudly owning Canadian identity in media:
    • Sean Cohan [12:10]:

      “Who knew Big C Canadian is a big problem... Canadians, whether they live in LA, New York, London or Toronto... There’s great Canadian talent everywhere.”

• US-Canada Relations:

  • Current political tensions between the US and Canada are acknowledged but seen as less significant within the creative sector.
    • Sean Cohan [14:06]:

      “With my family... my girls turned to me and said, ‘Daddy, why are they booing us?’... But in the creative community... there’s been a ‘let’s get on with it’ kind of approach.”

5. Global Reception & the Myth of Conservative Backlash

• Heated Rivalry has succeeded in unexpected markets:

  • #1 on IMDb in China, top of streaming charts in the UK, Australia, New Zealand, and across Europe via HBO Max.
  • The show’s explicit queer themes and Canadian flavor didn’t hamper its success.
    • Sean Cohan [26:43]:

      “Every continent it has driven outsized results... I did not predict an SNL parody, ‘Heated Wizardry,’ or that it would be toast of the Golden Globes…”

• Challenging Narratives of Conservative Audiences:

  • Ben Smith [16:58]:

    “Maybe the broad brush... that we’re living in an era of backlash and more conservative cultural politics is perhaps oversimplified—betting on this project suggests you didn’t buy that idea.”

  • Sean Cohan [17:15]:

    “There’s a big part of the US population... they want to hide in their puritanical homes or caves... But if your people believe in it... you take shots.”

6. Cult Hits, Social Media, and Modern Audience Strategy

• Marketing Model:

  • Minimal spend relative to industry peers; social-first “rabid fanbase” activation.
  • Bought by HBO only two weeks before Canadian launch.
    • Sean Cohan [23:47]:

      “We didn’t spend gazillions promoting this thing. But people, when you make something great, people find it.”

• TikTok & Viral Energy:

  • Sean Cohan [22:32]:

    “The ironic thing is in my TikTok, Instagram... Heated Rivalry is like an extraordinary proportion—unavoidable in my feeds.”

7. Financial and Cultural Impact for Bell

• Financial Upside:

  • HBO paid ~$600,000 per episode for US licensing.
  • Season 1 was a material hit, not just a long-term “slow burn.”
  • Crave subscriptions jumped from ~3 million (early 2024) to 4.3 million (late 2025), with further growth projected (>6 million).
    • Sean Cohan [31:54]:

      “This is defining... It’s a great cultural moment for Canada and for Bell media. But I’d also say the show itself is a pretty big financial success.”

• Industry Validation:

  • Bell Media sees this as a “case study and street cred” for homegrown, global-facing Canadian shows, with more originals planned.

8. The “Northern Lights” Vision: Can Canada Be the Next BBC?

• Global Content, Local Roots:
  • Bell’s strategy echoes UK production models—building locally-rooted shows with global licensing ambitions.
  • Host skepticism: US audiences’ appetite for “foreign” (i.e. British) content may not map perfectly to “Canadian.”
    • Ben Smith [53:11]:

      “Canadians spend all their time looking down at the United States and Americans look north, just see a reflection of themselves... I don’t think there’s a parallel [with the UK].”

9. News & Local Content as Competitive Advantage

• Distinctiveness in News:
  • Unlike US peers fleeing from news, Bell sees daily Canadian relevance as a unique value in competing against global streamers.
    • Sean Cohan [37:26]:

      “Canadian content in all of its forms is the way that Bell Media in Canada is differentiated and well positioned to win versus the global streamers...This is what differentiates us.”

10. NHL Ties & The Future of Heated Rivalry

• NHL Relationship:
  • Show’s world is NHL-adjacent, but not officially licensed. Recent hockey leadership, including commissioner Gary Bettman, have embraced the show as fans.
    • Sean Cohan [43:52]:

      “Gary came out and announced that he had binged the show in a night... They’d gained fans in more unusual means over its 106-year history.”

Notable Quotes & Memorable Moments with Timestamps

• On Authentic Representation:
  • “We’re not showing anything that anybody hasn’t. It’s just that it’s Queer sex.” – Sean Cohan, [07:52]
• On Bell’s nimbleness:
  • “A quick no is better than a slow maybe.” – Sean Cohan, [10:16]
• On betting on hits:
  • “If your people believe in it... you take shots.” – Sean Cohan, [17:15]
• On global success:
  • “I did not predict an SNL parody, ‘Heated Wizardry’... or that it would be the toast of the Golden Globes.” – Sean Cohan, [26:43]
• On cultural cycles:
  • “A year from now, there’ll be seven gay hockey dramas set in Canada. Imitation, purest form of flattery, all of that.” – Sean Cohan, [19:29]
• On the uniqueness of Canadian news:
  • “Canadian content in all its forms... this is the way that we win in the territory.” – Sean Cohan, [37:26]
• On navigating backlash:
  • “Maybe the broad brush... that we’re living in an era of backlash and more conservative cultural politics is perhaps oversimplified.” – Ben Smith, [16:58]

Discussion Wrap-Up

Reflections on Surprise Hits

• Ben Smith reflects on the unpredictability of cultural resonance:

  • [47:24]

    “Whatever the consensus is on what’s gonna hit... almost always just incredibly boring. The thing that hits is the thing that surprises you.”

• Max Tani highlights serving underserved groups:

  • [48:18]

    “You can find very specific audiences now that can kind of propel you to having these cult hits.”

The “Northern Lights” Debate

• Hosts weigh prospects for Canadian international hits compared to British imports.
• Ben Smith notes the challenge of breaking through “the one-way mirror”:
  • [53:11]

    “Americans look north, just see a reflection of themselves, don’t realize there’s a different culture up there.”

Key Timestamps

• [04:37] Sean Cohan on the show’s origin and development
• [06:52] Genre, representation, and their thinking about “romantasy”
• [09:37] On Bell's decision to go solo
• [12:10] The “Big C” Canadian problem
• [14:06] US-Canada relations in creative/media context
• [16:36] Global ambitions and thoughts on China market
• [17:15] On calculated cultural risks
• [18:38] The undervalued romance genre
• [23:47] The social-driven, viral launch strategy
• [26:43] Global success metrics & surreal moments
• [31:54] Financial and cultural impact for Bell
• [37:26] News as an enduring differentiator
• [41:45] Growth in Crave subscriptions, effect of the show
• [43:52] NHL’s reaction and current/future collaboration
• [47:24] Hosts’ reflections on surprise success and cultural shifts

Conclusion

Heated Rivalry demonstrates that a scrappy, risk-taking, proudly local approach can achieve surprising, global cultural relevance—offering lessons for media leaders watching fandoms, genre gaps, and changing tastes. The episode also highlights the new playbook for building cross-border hits in an industry increasingly defined by specificity, authenticity, and a dash of audacity.

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