The new Canada Periodical Fund (CPF), announced today by Heritage Minister James Moore, will maintain the exisiting funding level of $75.5 million for Canadian magazines and community newspapers, according to a release from the Department of Canadian Heritage. The CPF will replace the Publications Assistance Program (PAP) and Canada Magazine Fund (CMF) beginning in 2010-2011.

Broadly, here's what the Department of Canadian Heritage says the new program will do:

• Tie support to the reading choices of Canadians;
• Build on previous programs to maintain support for the industry and thus help maintain jobs in an industry affected by the current economic slowdown;
• Reallocate funding to small and mid-sized titles to support a diversity of Canadian magazines and newspapers throughout the country;
• Provide greater flexibility so that publishers can manage funds strategically, including the flexibility to enrich their Web content; and
• Contribute to the government’s commitment to reduce paper burden for business.

"The way in which support to Canadian periodicals is delivered will be reformed to maximize value for money and to seize opportunities in today’s global, technological environment," Moore said in a statement.

The details will be worked out in consultations over the coming months.

Key points

• $72 million will be allocated annually for Canadian magazines and non-daily newspapers. Publishers can use this money as they see fit.
• $1.5 million will go to "print and online magazines which have limited access to capital, but which provide an important developmental ground for the industry and contribute to the diversity of content sought by Canadian readers."
• $2 million will go toward "industry-wide projects" faciliated by industry assocations.
• Only magazines and non-daily newspapers with paid or requested circulation and at least 80% Canadian content will be eligible.
• The maximum amount an individual title can receive will be $1.5 million.

The PAP and CMF will continue to operate until the new program is in place.