Bell - formerly Expressvu - has lost money continuously since the getgo. The accumulated debt is now greater than $2B. Any standalone company operating like this would have been out of business a decade ago.
Bell has to stop the bleeding of their core businesses - especially to Rogers and Videotron 4 pack bundles. As a result, Bell is investing in the infrastructure to deliver IPTV to these areas.
Yes they will be investing money in Bell satellite - for new MPEG2 encoders to deliver greater compression as they have to add 22 Canadian locals in HD to the existing HD transponders before the end of 2012. Unlike Shaw who is spending the $600m needed to upgrade to MPEG4, Bell has no plans to spend the $1B to upgrade their system to MPEG4.