The news division is operated under CTV Network, and the CTV conventional stations lose $185 million a year. Our advertising revenues declined $140 million from 2023 compared to 2022.
There's only one revenue stream, and it's advertising. When the federal Government of Canada, which is one of the massive advertisers in the country, spends 70% of its advertising budget on digital platforms, which predominantly goes to Meta and Google, it creates massive stress on the entire media ecosystem.
We need to have a conversation around how we fix Canadian media, because otherwise there will be no Canadian broadcasting system, news or otherwise. Then there will be no Canadian stories being told to Canadians. There will be no news, national or local, being delivered to Canadians, except maybe by Radio-Canada and CBC, which is an altogether different debate.