Canada Won't Relax Foreign Ownership Limits, Says Finance Minister
March 5, 2009 at 5:09 AM (PT)
Canadian Industry Minister TONY CLEMENT said WEDNESDAY that the government does not plan to relax foreign ownership limits for media.
REUTERS reports that CLEMENT said that a bill to relax foreign ownership limits for airlines and uranium companies "clearly ... doesn't apply to the media industry so that's a longer-term project, it's not in the foreseeable future." The comment follows Finance Minister JIM FLAHERTY's assertion last week that the government does now "plan to get into the business of subsidizing media" in the light of the industry's economic woes.
Media companies have been instituting job cuts nationwide, and CTV GLOBEMEDIA has indicated that it will shut its "A" television stations in WINDSOR and WINGHAM, ON. CANWEST GLOBAL has said that it will shut CHCH-TV (E!)/HAMILTON if a local buyer does not materialize, and the CBC has floated the possibility of selling or shutting stations, including CBET (TV)/WINDSOR-DETROIT.