Netflix, Disney Set to Benefit as Canada Scraps Streaming Levy

MT Newswires Live07-29 07:30

Netflix (NFLX) and Walt Disney (DIS) are among the streaming companies set to benefit from Canada's plan to scrap a levy requiring platforms to contribute a share of Canadian revenue toward domestic film and television productions, Bloomberg reported Tuesday, citing a court filing.

A lawyer for Canada's attorney general said in a letter to the Federal Court of Appeal that the government intends to eliminate the requirement and provide public funding to replace the revenue, the report said.

The letter, filed amid litigation involving the Motion Picture Association - Canada, which represents Netflix, Disney, and Sony Pictures, said the government expects to publish further policy details in the coming weeks, according to the report.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment