In the distant past, the Canadian teams split the Canadian tv money and the US teams got the US money. When the owners thought that they were going to cash in on a huge US rights deal, the Canadian owners agreed to combine and split all the tv revenue equally among all teams.
That backfired on the Canadian owners because the massive US deal never happened. Back before the lockout season, Bettman created the Canadian equalization fund (or whatever it was called) to help balance out the exchange rate between the Canadian and US dollars. This essentially returned the Canadian tv money to the Canadian teams.
Since the lockout, that fund was eliminated, and all tv revenue, on both sides of the border, is split equally among all teams.
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