CRTC walks back earlier commitment to confidentiality of financial information for online undertakings

On November 18, 2025, the CRTC published its long-awaited update to the definition of Canadian program in Broadcasting Regulatory Policy CRTC 2025-299 – The Path Forward – Defining “Canadian program” and supporting the creation and distribution of Canadian programming in the audio-visual sector – Part 1 – Certification framework for Canadian programs, artificial intelligence, data collection and publication, and reporting requirements (CRTC Policy 2025-299).

While the central feature of CRTC Policy 2025-299 is a new definition and framework for “Canadian program”, the CRTC also used this update to make a significant change to its stance on the confidentiality of financial information submitted in annual reports by online undertakings. Namely, annual Canadian gross broadcasting revenues from online undertakings will no longer be treated as confidential.

Prior to CRTC Policy 2025-299, the CRTC only published aggregated information on Canadian broadcasting revenues across all online undertakings in the audio and audio-visual sectors. Now, annual Canadian gross broadcasting revenues from online undertakings will be published at the entity level, starting with data collected for the 2025-2026 broadcast year.

The new financial reporting requirements for online undertakings

Since amendments to the Broadcasting Act came into force in 2023, the CRTC has been moving quickly to create new policies and regulations to bring online undertakings under its purview.

As part of its effort, online undertakings are now required to file annual reports with the CRTC each November. These reports include (i) annual broadcasting fee revenues, in accordance with the Broadcasting Fees Regulations; (ii) annual contributions revenues, in accordance with paras 184-185 of Broadcasting Regulatory Policy CRTC 2024-121-1 (CRTC Policy 2024-121-1); and, (iii) audited financial statements reporting annual Canadian gross broadcasting revenues, in accordance with Condition of Service 3 of Broadcasting Order CRTC 2024-194.

The CRTC’s previous position on confidentiality of online undertakings’ financial information

The CRTC’s confidential treatment of online undertakings’ financial information can be traced back to at least 2022, when, in Broadcasting Regulatory Policy CRTC 2022-47 (CRTC Policy 2022-47), online undertakings (then known as digital media broadcasting undertakings or DMBUs) were first required to submit data in response to the CRTC’s Digital Media Survey. At that time, amendments to the Broadcasting Act had not yet taken force. In CRTC Policy 2022-47, the CRTC took the position that individual DMBU-level data collected as part of the survey would be granted full confidentiality, while noting that this position could change in the future:

“[145] In light of the above, and in accordance with section 7 of the Rules, the Commission finds it appropriate to vary the Rules and grant full confidentiality, in advance of issuing the survey, against any disclosure of individual DMBU-level data collected as part of the survey discussed in this regulatory policy.

[146] The Commission retains the discretion to re-evaluate its reporting and data publication practices, such as the level of aggregation that it applies to the data it publishes, and may adapt those practices while weighing the public interest and the confidentiality concerns of undertakings.”

In Broadcasting Regulatory Policy CRTC 2024-65, which led to the new Broadcasting Fees Regulations, the CRTC once again stated that financial information submitted through fee returns – such as revenues – would remain confidential. It acknowledged that companies rely on this confidentiality to protect their competitive positions and noted that its existing practices and previous policies treat fee-return data as confidential:

“[203] The Commission acknowledges that feepayers expect the Commission to preserve the confidentiality of information submitted as part of their fee returns, to protect their financial situation and even their identity as feepayers. It is reasonable that parties seek this assurance, given that this information is fundamental to the preservation of their respective competitive positions.”

The CRTC also emphasized that even without a formal confidentiality mechanism in the new Broadcasting Fees Regulations (which was proposed by some stakeholders in the consultation leading to the Broadcasting Fees Regulations), it would continue to handle this information as confidential:

“[206]… the Commission finds that although a formal confidentiality process within the Broadcasting Fees Regulations is not necessary, it remains appropriate to continue treating fee returns as confidential filings. Accordingly, the Commission will continue to treat such information as confidential going forward.”

The CRTC maintained its position on confidentiality of financial information once again in CRTC Policy 2024-121-1, which led to the obligation for online undertakings to report their annual contributions revenues and to file audited financial statements with the CRTC:

“[61] The Commission further clarifies that, consistent with current practices, all data collected pursuant to condition of service 3 that is designated as confidential will be treated by the Commission as confidential.”

The CRTC’s revised position on confidentiality of online undertakings’ financial information

While the CRTC once found that financial information is fundamental to the preservation of the respective competitive positions of online undertakings, it has now changed its position.

Relying on the public interest exemption to the confidentiality provisions under Rule 34(1) of the Canadian Radio-television and Telecommunications Commission Rules of Practice and Procedure, the CRTC has now found it appropriate to publish information on online undertakings’ annual Canadian gross broadcasting revenues at the entity level, taking the revised position that the harm of disclosure is unlikely to outweigh the public interest:

“[211]…it is unlikely that any harm resulting from disclosure of that data would outweigh the public interest, given the relatively large size of the online undertakings whose information is intended to be made public and their associated large impact on the Canadian broadcasting system.”

Absent a challenge or reversal of the CRTC’s position, the annual Canadian gross broadcasting revenues of each online undertaking operating in Canada will be disclosed, beginning with data collected in regard to the 2025-2026 broadcast year.