In the book publishing and distribution sector, foreign investment in new business enterprises is limited to Canadian-controlled joint ventures. Acquisition of an existing Canadian-controlled business in book publishing/distribution by a non-Canadian is generally not permitted. Only in extraordinary circumstances an exception to the limitation on the acquisition of an existing Canadian-controlled business by a non-Canadian investor may be considered. 

In the production, distribution and sale of periodicals, foreign acquisitions of Canadian-owned and Canadian-controlled businesses is not permitted. Foreign investments to establish or, directly or indirectly, acquire foreign businesses to produce and sell periodicals in Canada and to access the Canadian advertising services market are subject to review under the Investment Canada Act.
"The Investment Canada Act requires that foreign investments in the book publishing and distribution sector be compatible with national cultural policies and be of net benefit to Canada and to the Canadian-controlled sector.
As part of the measures to strengthen the book publishing and distribution sector the Government is announcing a revised foreign investment policy for this sector.
[...]
II : Policy Guidelines
i) Foreign investment in new business enterprises will be limited to Canadian-controlled joint ventures.
ii) Acquisition of an existing Canadian-controlled business by a non-Canadian will not be permitted. Under extraordinary circumstances, the Government may consider an exception to this guideline. In such a situation, the Government must have credible evidence from the vendor that: 1. the business is in clear financial distress; and 2. Canadians have had full and fair opportunity to purchase.
If a non-Canadian is the successful bidder, its proposed investment will be subject to the net benefit test set out in (iv) below.
iii) If a non-Canadian wishes to sell an existing Canadian business independent of any other transaction, the vendor will be expected to ensure that potential Canadian investors have full and fair opportunity to purchase; if a non-Canadian is the successful bidder, its proposed investment will be subject to review under the net benefit test as set out in (iv) below, and credible evidence from the vendor that Canadians had full and fair opportunity to purchase will be required.
iv) Indirect acquisitions will be reviewed to determine whether they are likely to be of net benefit to Canada and to the Canadian controlled sector and will be assessed on their merits by reference to the factors set out in Section 20 of the Act. [...]
These guidelines will be strictly enforced and any undertakings negotiated under the net benefit test will be closely monitored. The Act provides remedies for non-compliance and the Government will apply them when necessary. [...]"(Government of Canada, Revised Foreign Investment Policy in Book Publishing and Distribution, last modified on 2017-07-21)
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"The Investment Canada Act requires that foreign investments in the cultural industries, including the production, distribution and sale of periodicals, be compatible with national cultural policies in addition to being of "net benefit" to Canada.
The Government of Canada is announcing a foreign investment policy for the periodicals publishing sector that will allow investment opportunities in the publication, distribution and sale of periodicals, provided that such investments result in the production of Canadian content in magazines. The following policy statement and investment review guidelines are intended to provide guidance to investors in respect of the application of the Investment Canada Act to the periodical publishing sector.
I : Policy Statement [...]
Under the Investment Canada Act, investments in the cultural industries must be of "net benefit" to Canada, including compatibility with Canada's cultural policy objectives.
In this regard, it is the policy of the Government of Canada to ensure a commitment to the production of majority Canadian editorial content in respect of foreign investments in the periodical publishing sector, including investments to establish or, directly or indirectly, acquire foreign businesses to produce and sell periodicals in Canada and to access the Canadian advertising services market. Further, it is the policy of the Government of Canada not to permit foreign acquisitions of Canadian-owned and Canadian-controlled periodical publishing businesses.[...]" (Government of Canada, Canadian Content in Magazines, A Policy on Investment in the Periodical Publishing Sector, last modified on 2017-07-21)
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"Reviewable investments
14 (1) The following investments by non-Canadians are reviewable under this Part:
(a) an investment to acquire control of a Canadian business in any manner described in paragraph 28(1)(a), (b) or (c), where the limits set out in subsection (3) apply;
(b) an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(i), where the limits set out in subsection (3) apply;
(c) an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(ii), where the circumstances described in subsection (2) and the limits set out in subsection (3) apply; and
(d) an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(ii), where the circumstances described in subsection (2) do not apply and the limits set out in subsection (4) apply.
Circumstances
(2) The circumstances referred to in paragraphs (1)(c) and (d) are that the value, calculated in the manner prescribed, of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, amounts to more than fifty per cent of the value, calculated in the manner prescribed, of the assets of all entities the control of which is acquired, directly or indirectly, in the transaction of which the acquisition of control of the Canadian business forms a part.
Limits
(3) An investment described in paragraph (1)(a), (b) or (c) is reviewable under this Part where the value, calculated in the manner prescribed, of
(a) the assets acquired, in the case where control of a Canadian business is acquired in the manner described in paragraph 28(1)(c), or
(b) the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, in the case where control of a Canadian business is acquired in the manner described in paragraph 28(1)(a), (b) or (d),
is five million dollars or more.
Limits
(4) An investment described in paragraph (1)(d) is reviewable under this Part where the value, calculated in the manner prescribed, of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, is fifty million dollars or more.
Limits for WTO investors
14.1 (1) Despite the limits set out in subsection 14(3), but subject to subsection (1.1), an investment described in paragraph 14(1)(a) or (b) by a WTO investor or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor — by a non-Canadian, other than a WTO investor, is reviewable under section 14 only if the enterprise value, calculated in the manner prescribed, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than,
(a) to (c) [Repealed, 2017, c. 20, s. 192]
(d) for an investment implemented at any time in the period that begins on the day on which this paragraph comes into force and that ends on December 31 of the following year, $1,000,000,000; and
(e) for an investment implemented at any time in the year that begins after the period referred to in paragraph (d), or in any subsequent year, the amount determined under subsection (2).
[...]
Investments not reviewable
(4) Despite paragraphs 14(1)(c) and (d), an investment described in either paragraph that is implemented after this subsection comes into force is not reviewable under section 14 if it is made by
(a) a WTO investor; or
(b) a non-Canadian, other than a WTO investor, if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor.
[...]
Exception
(5) This section does not apply in respect of an investment to acquire control of a Canadian business that is a cultural business.
Definitions
(6) In this section and section 14.2,
[...]
cultural business means a Canadian business that carries on any of the following activities, namely,
(a) the publication, distribution or sale of books, magazines, periodicals or newspapers in print or machine readable form, other than the sole activity of printing or typesetting of books, magazines, periodicals or newspapers,
(b) the production, distribution, sale or exhibition of film or video recordings,
(c) the production, distribution, sale or exhibition of audio or video music recordings,
(d) the publication, distribution or sale of music in print or machine readable form, or
(e) radio communication in which the transmissions are intended for direct reception by the general public, any radio, television and cable television broadcasting undertakings and any satellite programming and broadcast network services; (entreprise culturelle)
[...]
Factors
20 For the purposes of section 21, the factors to be taken into account, where relevant, are
(a) the effect of the investment on the level and nature of economic activity in Canada, including, without limiting the generality of the foregoing, the effect on employment, on resource processing, on the utilization of parts, components and services produced in Canada and on exports from Canada;
(b) the degree and significance of participation by Canadians in the Canadian business or new Canadian business and in any industry or industries in Canada of which the Canadian business or new Canadian business forms or would form a part;
(c) the effect of the investment on productivity, industrial efficiency, technological development, product innovation and product variety in Canada;
(d) the effect of the investment on competition within any industry or industries in Canada;
(e) the compatibility of the investment with national industrial, economic and cultural policies, taking into consideration industrial, economic and cultural policy objectives enunciated by the government or legislature of any province likely to be significantly affected by the investment; and
(f) the contribution of the investment to Canada's ability to compete in world markets.
Net benefit
21 (1) Subject to subsections (2) to (8) and sections 22 and 23, the Minister shall, within 45 days after the certified date referred to in subsection 18(1), send a notice to the applicant that the Minister, having taken into account any information, undertakings and representations referred to the Minister by the Director under section 19 and the relevant factors set out in section 20, is satisfied that the investment is likely to be of net benefit to Canada.[...]"(Investment Canada Act (R.S.C., 1985, c. 28 (1st Supp.)), last amended on 2021-04-01, Sections 14, 14.1, 20 and 21)
Government of Canada, Revised Foreign Investment Policy in Book Publishing and Distribution, last modified on 2017-07-21
Government of Canada, Canadian Content in Magazines, A Policy on Investment in the Periodical Publishing Sector, last modified on 2017-07-21
Investment Canada Act (R.S.C., 1985, c. 28 (1st Supp.)), last amended on 2021-04-01, Sections 14, 14.1, 20 and 22
[<a href="https://www.canada.ca/en/canadian-heritage/services/cultural-sector-investment-review/foreign-investment.html">Policy</a>],[<a href="https://www.canada.ca/en/canadian-heritage/services/cultural-sector-investment-review/magazines.html">Policy</a>],[<a href="https://laws-lois.justice.gc.ca/eng/acts/I-21.8/index.html">Act</a>]