Table:
|  |  | Years ended December 31 |  |
| --- | --- | --- | --- |
| (In millions of dollars, except margins) | 2019 | 2018 | %Chg |
| Revenue | 2,072 | 2,168 | (4) |
| Operating expenses | 1,932 | 1,972 | (2) |
| Adjusted EBITDA | 140 | 196 | (29) |
| Adjusted EBITDA margin | 6.8% | 9.0% | (2.2pts) |
| Capital expenditures | 102 | 90 | 13 |
Paragraphs:
MEDIA FINANCIAL RESULTS
REVENUE
Media revenue is earned from:
• advertising sales across its television, radio, and digital media properties; • subscriptions to televised and OTT products; • ticket sales, fund redistribution and other distributions from MLB, and concession sales; and • retail product sales.
The 4% decrease in revenue this year was a result of: • the sale of our publishing business in the second quarter of 2019; and • lower revenue at the Toronto Blue Jays, primarily as a result of a distribution from Major League Baseball in 2018; partially offset by • higher revenue generated by Sportsnet and TSC. Excluding the sale of our publishing business and the impact of the distribution from Major League Baseball last year, Media revenue would have increased by 1% this year.
OPERATING EXPENSES
We record Media operating expenses in four primary categories:
• the cost of broadcast content, including sports programming
and production;
• Toronto Blue Jays player compensation;
• the cost of retail products sold; and
• all other expenses involved in day-to-day operations.
The 2% decrease in operating expenses this year was a result of:
• lower Toronto Blue Jays player compensation; and
• lower publishing-related costs due to the sale of this business;
partially offset by
• higher programming costs; and
• higher cost of sales as a result of higher revenue at TSC.
ADJUSTED EBITDA
The 29% decrease in adjusted EBITDA this year was a result of the
revenue and expense changes described above. Excluding the
impact of the sale of our publishing business in the second quarter
of 2019 and the distribution from Major League Baseball last year,
adjusted EBITDA would have increased by 1% this year.
Question:
What are one of the components of Media Revenue?
Answer: advertising sales across its television, radio, and digital media properties