Thank you very much for the question.
We have conversations all the time with our broadcaster partners at both the association level and the producer level. We know that broadcasters are certainly coming before you in certain cases and talking about the need to reduce their regulatory obligations. We obviously have concerns about that, especially because their current obligations are actually quite flexible, even under the current system.
For example, the major vehicle for contribution by broadcasters through CRTC regulation is expenditure requirements. Those expenditure requirements are determined as a percentage of their annual revenues. When their revenues go down, for example—let's say as a result of COVID—the amount of investment they make in the entire system correspondingly goes down. We believe that provides a great deal of flexibility in the system already.
Of course, they appear in front of the CRTC every few years to have their licences renewed. At that time, we and they put arguments and evidence in front of the CRTC to determine what the appropriate obligations are for the next few years. The broadcasters already have those opportunities.