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In the wake of the Rogers-NHL deal, what does the future hold for the CBC?

CBC's president says while "Hockey Night in Canada" will continue to air on the network, Rogers will be fully responsible for the show. Hubert Lacroix says he is confident Rogers will try to make the show as good as possible.

Perhaps the biggest question following Rogers' staggering $5.2-billion deal to own NHL television rights in Canada for the next 12 years is what will happen to the CBC, Canada's public broadcaster?

Hockey has long been the cornerstone of the company's popularity, and it's been a critical component to its financial bottom line. Industry insiders estimate that as much as half of the Mother Corp's $450-million advertising revenue comes from its flagship franchise, Hockey Night in Canada.

[ Related: Rogers scores national NHL TV rights for $5.2 billion ]

Under the new deal between the NHL and Rogers, Rogers will essentially take ownership of the HNIC franchise, dictating the direction of the content and talent. While it will still air on CBC — for the next four years, at least — all advertising revenue generated will go through Rogers.

“Yes, we lose the upside of revenue, but we gain in that we also have no risk,” said Dan Oldfield, a senior representative of CBC staff at the Canadian Media Guild. “We are not having to buy the property. By the time you put in rights costs and production costs on an annual basis, it’s a pretty big nut to cover.”

[ Related: CBC partners with Rogers in landmark NHL rights deal ]

Even better, the CBC won't have to come up with and spend on original programming to fill a huge chunk of its weekend broadcast schedule that would garner only a tiny percentage of viewers who flock to Hockey Night in Canada on Saturday nights.

The public broadcaster has long been criticized for how it spends taxpayer dollars, estimated to be about $1 billion annually, even including a 10% cut courtesy of the 2012 federal budget. The CBC bid an estimated $150 million for the rights to the 2014 and 2016 Olympic Games, but was clearly out of its league when Rogers stepped up for NHL hockey.

So with a huge hit to their revenues right around the corner — the Rogers deal begins next year — what does the future hold for the CBC?

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