But the CBC lives in a different capital environment than private broadcasters. AFAIK
, Crown Corps cannot borrow money for capital investments without approval of the Minister of Finance.
From the Financial Administration Act
(3) No Crown corporation shall enter into any particular transaction to borrow money without the approval of the Minister of Finance with respect to the time and the terms and conditions of the transaction.
(4) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations
(a) exempting a specified Crown corporation or a Crown corporation of a specified class from the application of subsection (3), either generally or in respect of any specified borrowing or any borrowing of a specified class;
(b) deeming a specified transaction or a transaction of a specified class to be, for the purposes of this Part, a transaction to borrow money; and
(c) specifying the manner of granting approvals under subsection (3) and the circumstances in which an approval under that subsection is deemed to have been granted in respect of borrowing by Crown corporations.
(5) Nothing in this section shall be construed as authorizing a Crown corporation to borrow money in excess of any limit established by any other Act of Parliament on the amount of money the corporation may borrow.
I know that the Broadcasting Act exempts the CBC from section 7 of the Fin. Admin. Act
, but I don't know about any other regulations that may have been made.