Between the time that I’m writing this editorial – that is on Monday afternoon Thanksgiving Day – and the time that this paper hits the street, news related to our economy and the state of world warfare will likely change, maybe even more than once. Certainly the second cancellation of the Emmy Awards was an unexpected twist to a story that seemed, at least until Saturday’s bombing of Afghanistan, to be losing some of its incisive news appeal. And of course while CBS is claiming it rolled up the red carpet because ‘Hollywood felt uncomfortable about celebrating at this time,’ the decision also came just days after word was leaked that the next terrorist attacks would be targeted at U.S. military and entertainment centres.

Meantime, MIPCOM, albeit not necessarily a celebration (although late, drunken nights at the Martinez may suggest otherwise), was far from being cancelled despite it being the biggest behind-the-scenes hub for U.S. entertainment giants to peddle and purchase TV product. Reports from the Riviera, however, suggest market attendance was down an estimated 25% this year and swarms of industry players were checking out early.

Whatever the case, the ‘new war’ is without a doubt keeping individuals, industries and economies in strategic limbo. And while everyone is waiting to see how this wayward war plays itself out, entire sectors are flailing their red flags.

Back at home

While third-quarter economic growth is suppressed, industry insiders confirm that many of the country’s entertainment giants have been wrapped up for weeks in senior management meetings, strategizing their cost-cutting campaigns and gearing up for some downsizing.

There’s also word that some of the new digital specialties may be pulling back, recognizing that vying for a piece of the ad pie, which is already overly fragmented, might be an impossible challenge at a time when the pie looks like it’s shrinking into a Timbit. (According to Nielsen Media Research, CTV’s The Animal Planet ranked number one among the new digital offerings in the first three weeks of the free preview period, attracting a meagre 4,600 viewers in the 18-49 demo.)

With both the U.S. and Canada suffering hand in hand these days, feeling almost equally vulnerable to terrorist attacks and economic despair, talks about opening up borders are becoming increasingly palatable, paving the way toward reducing foreign ownership restrictions in Canada. BCE chairman and CEO John Monty was even on the record in early October saying he would support a relaxation in foreign ownership limits on Canadian telecommunications companies, despite the protection the Bell Canada monopoly has long enjoyed.

Traditionally, when it comes to foreign ownership, Canada is among the world’s most closed nations.

And whether it’s cultural or commercial protectionism at the heart of these prohibitions, we have unquestionably hit a threshold where we are forced to take inventory of our cultural identity and re-examine our need for foreign capital.

Do Canadians still need Cancon rules and foreign ownership restrictions in broadcasting to protect their culture?

Tune in to the review of the Broadcasting Act to find out.