Rare case that I'll support the parent of your post - I'd way rather a Canadian company get the upside than a US (foreign) one even if the Canadian ones are a bunch of assholes and an oligopoly. That's our problem to deal with.
First keep the money here, then we'll argue how to redistribute it. News is a tricky subject. In theory there are more clicks but sometimes people don't visit the site at all so it's hard to say.
If this was about diversifying communications providers I think I would side with you instead. It really depends what it is.
I would prefer my domestic companies to be in the strongest position while also allowing outside players - so a mixture. But we are hopelessly on the back leg and need a boost when it comes to funding domestic media. The solution can't be to just outsource everything because there's no way to win against Meta and Google.