12:51:33 EDT Fri 04 Jul 2025
Enter Symbol
or Name
USA
CA



Netflix CDR (CAD Hedged)
Symbol NFLX
Shares Issued 2,300,000
Close 2024-09-24 C$ 28.33
Market Cap C$ 65,159,000
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Globe says Netflix stops sponsoring arts institutions

2024-09-25 07:59 ET - In the News

The Globe and Mail reports in its Wednesday edition that Netflix Canada has pulled sponsorship from several arts institutions in response to new investment measures under the Online Streaming Act. The Globe's Barry Hertz writes that this move jeopardizes professional development programs crucial to the Canadian film and television industry. Since 2017, Netflix has invested over $25-million in programs benefiting more than 1,200 Canadian writers, directors, producers and performers. Netflix and other foreign-owned streaming services are now required to contribute 5 per cent of their annual domestic revenues to support Canadian production, as part of Bill C-11. In response, Netflix Canada has stated that it will be unable to continue funding many programs due to the new investment mandate by the Canadian Radio-television and Telecommunications Commission. In a November, 2023, CRTC public hearing, during which Netflix noted that it spends more in Canada on partnerships for the career advancement of creators than anywhere else in the world, Dean Garfield, the streamer's vice-president of public policy, said that there needed to be flexibility in how the government recognizes its contributions to the local screen sector.

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