Netflix shares rose Thursday. The company was on track to break an eight-day losing streak, its longest since 2022. News from Canada fueled the rally. The Canadian government directed its broadcast regulator, the CRTC, to reverse a recent decision.
The CRTC had planned to require large streaming services to contribute 15% of their Canadian revenues. This contribution would go toward local content. The previous mandate was 5%. The federal government asked the CRTC to reconsider. It cited concerns about raising costs for Canadian consumers. The government instead pledged C$600 million to support the local media sector.