text: **Higher Operating Expenses**
  We assess Media operating expenses in four areas: 
  (cid:129) the cost of broadcast content (including sports programming) 
  (cid:129) the cost of retail products sold by The Shopping Channel and Sports 
  **Lower Adjusted Operating Profit**
  Adjusted operating profit was down compared to last year mainly 
  because of revenue and expenses changes described above. 
  
  Excluding the impact of the 2012 NHL lockout and the compressed NHL 
  schedule: 
  (cid:129) operating revenue would have been 4% higher this year compared 
  
  Entertainment 
  
  (cid:129) Blue Jays player payroll 
  (cid:129) all other expenses involved in day-to-day operations. 
  to last year, instead of 5% higher as reported 
  
  Operating expenses were 8% higher than 2012, mainly because of 
  higher programming costs at Sportsnet, higher Toronto Blue Jays player 
  salaries, higher merchandise spending at The Shopping Channel and 
  costs associated with our launch of Next Issue Canada. 
  
  (cid:129) adjusted operating profit would have been 7% higher this year 
  compared to last year, instead of 15% lower as reported. 
  
  Excluding the acquisition of theScore: 
  (cid:129) operating revenue would have been 4% higher this year compared 