GATINEAU – Thanks to the “certainly created in the industry by the new Canada Media fund and the need to give this fund time to establish itself,” the CRTC today called off its proceeding looking into amending its benefits policy.
Two years ago, the Commission decided it would examine the policy that says 10% of the value of any business transaction involving broadcast companies must be set aside for “benefits”, that is, something the acquiring company might not normally spend on. So, if a broadcaster is purchased for $100 million, the rule of thumb has said that $10 million must go towards independent Canadian television production or other industry-related initiatives like internships, scholarships, local expression or other things.
(The Shaw-Canwest deal will centre around this policy, it appears.)
Later in 2008, with changes planned for the Canadian Television Fund (now the CMF, of course), the Regulator deferred the whole process until today, when it was closed.
