By Paul Vieira

OTTAWA-CRTC, Canada's broadcast regulator, on Tuesday said foreign streaming services like Netflix and Disney would need to contribute 5% of their Canadian sales to help fund local broadcast newscasts and content for indigenous and francophone communities.

The Canadian Radio-television and Telecommunications Commission said the payments would begin in the 2024-2025 broadcast year, starting Sept. 1, and were expected to contribute 200 million Canadian dollars annually, or the equivalent of $146 million.

The financial contributions are mandated as part of a law approved by Canada's parliament last year which compels streaming services and digital platforms such as Alphabet's YouTube and Bytedance's TikTok, to prominently showcase Canadian programming to users in the country.

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(END) Dow Jones Newswires

06-04-24 0928ET