It wasn't local news; it was local programming. Although local programming often is news, it was....
That fund was introduced at a very trying time in the broadcast industry. We've talked a lot about advertising revenue being shared across multiple platforms. In 2008 there was a rather serious downturn in the economy, and there were television stations that were closing. Subsequently, as many of us learned, the major broadcasters were likely in a situation where they were in technical default, just in their own financial health.
That fund was brought into place to ensure the maintenance of local television stations during that particular period. It was also there to help them transition to digital, because digital broadcasting was becoming the new norm and there were changes to how we allocate spectrum in this country that they had to adapt to. It was very precise and it was put in place to help during that precise period.
When we removed the fund, essentially the fund had been successful in achieving those objectives, which was ensuring that the stations did not close, and it gave them time to recuperate from the economic downturn. So, the stated purposes had been achieved and those stated purposes were no longer required.