We're very proud to be creators of Canadian content, but by and large, Canadian content creation is not a money-making business. If it were, you wouldn't need regulations forcing us to spend money with certain kinds of producers on certain kinds of content. You wouldn't need to hand the CBC $1.2 billion a year in order to create Canadian content.
Choices have to be made about what kind of content you can make with the resources you have, and we are obviously prepared to accept certain regulatory obligations and privileges. We think it's a privilege to be able to provide local news, and we touched on the need for us to do that. That is absolutely core to our licences and both local and national news. However, there are a whole handful of other regulations, whether it's the mandated spending of 30% of last year's revenues on Canadian content this year, or the mandates on what kind of genres we have to spend it on—we have to spend it on certain categories of programming as opposed to those that we feel have the best opportunities with audiences and with overseas buyers. There are mandates as to what times and what kinds of stations we have to air it on. So there are a lot of complications that are far from free-market realities when it comes to how we run our business.
Our only point would be that there are two ways to improve competitiveness for the long term. Either try to regulate the foreign guys and have your domestic companies ask for more handouts or try to bring down the regulatory burden so there's a more level playing field that way.