I disagree with Thruxtonian's statement on "commercial substitution". The fact is that it's not only the commercials that are substituted. If it was just that, I wouldn't mind. When simultaneous substitution is performed, EVERYTHING is modified. Most importantly, the show is presented with a logo of a network that has never been involved with the show's production and the previews for the next week's episode are pre-empted.
Also, it's not true that simultaneous substitution is the only way for small local advertisers to get air time. U.S. broadcast networks have a certain number of minutes per hour set aside for local ads. Local advertisers in Montreal use this to their advantage by buying local spots on cross-border affiliates such as WFFF (Fox) in Burlington, VT.
As for the "broadcast rights" issue, regarding the claim that no one other than the multinationals would be able to buy worldwide rights, why won't broadcasters like CTV and Global do like Fox did by making most of the programming shown on their networks in-house with their own studios. That way, shows don't need to be bought and sold. You make it yourself and you show it yourself! If you can't do that, you're useless and you should be put out of business!