I will give you the short answer first, which is yes. Then I'll expand a little bit on that.
When you are part of an oligopoly, you expect oligopoly margins on all of your business lines. The margins on news content can't remotely compete with what companies like Rogers and Bell are seeing on their wireless and Internet revenues, particularly when it comes to local news. One of the reasons they're earning these high margins on wireless and Internet is that they are an oligopoly and there is very little competition. This creates a totally unrealistic expectation that news, particularly local news, can or should earn similar margins, so it's like a bad feedback loop.
Notwithstanding this, private media companies have acquired and merged their way to a position of dominance in broadcast news, a critical public resource. Then, when they still don't get the same astronomical margins they get on wireless and on the Internet, the result is cuts and closures.
What is equally concerning is that giant corporations like Bell and Quebecor are now trying to completely get out of their current regulatory obligations to provide news. In fact, just after Bill C-11 passed, they started to make the case to reduce their obligations through the implementation of the Online Streaming Act.
The fact that these companies have been allowed to become an effective oligopoly and earn these high margins actually creates a corresponding obligation on them to protect and preserve news and journalism, given the critical role these things play in preserving our democracy.