The so-called media crisis in Canada was caused in large measure by a concentration of ownership and incompetent management. Politicians allowed the concentration, fearing negative repercussions from the news media. Until these failings are corrected, no amount of tax concessions will fix the problem. 

Senior managers are fixated on the bottom line... at its expense. They still cannot get it through their heads, or don't want to, that advertising revenue results from eyeballs on advertising. What draws eyeballs is the stuff they use to fill in around the ads. It's called journalism. Quality journalism draws those eyeballs. Cutbacks in newsrooms to save money is false economy, producing a quality of journalism that does not draw eyeballs. Advertisers know this. 

Taxpayer dollars should never be used to subsidize private media.... ever. Let them die a well-deserved death. New and worthy media will rise from the ashes. The remaining worthy media (GnM, TorStar?) will  prevail and thrive.