The Canadian government announced the creation of a Canada Media Fund to finance TV and new-media production with C$350 million ($340 million).

However, there’s been grumbling by those who feel left out by the funding. Canuck pubcaster CBC and indie producers believe they will receive less coin from the new entity.

Fund is the result of merging two former entities for TV and new media. Those two funds had a total of $222 million, so this is a major increase in the financing, with the cash coming from the federal government and cable and satellite players.

CBC’s problem is that it used to get an automatic 37% of the funding under the old system, and now that has been eliminated. Worse, the government has yet to tell the pubcaster how much of the new dough it will receive.

“We have a hard time understanding how, in the span of a year (of planning), the Canada Media Fund has not been able to establish clear rules for achieving the minister’s objectives,” said CBC prexy Hubert Lacroix. “We now understand that these new rules will not be in place until next year. As the broadcaster that contributes the most to creating high-quality original programs, we’re surprised at this approach.”