Let's remember how ambitious the plan for TQS was. Newscasts at 11:30am, an hour at 5pm and an evening newscast at 10:30pm, with local inserts from bureaus in Ottawa-Hull, Quebec City and Sherbrooke during the 5pm news. New production of prime-time programs. Daytime soaps and game shows. I don't believe their schedule included much off-network shows from France or dubbed shows from the U.S. that could have helped cut costs.
Sadly, TQS couldn't turn a profit. The switch to V meant a vast cutback in news and original productions. Maybe the Canadian government authorities are too strict in licensing a new television venture. It seems nobody is allowed to do what Fox did in the U.S.... start with a two-hour primetime schedule (and in Fox's case, a late night talk show) and go cheap on everything else. Most Fox stations in large markets had only a 10pm newscast, and no news in medium and smaller markets. Just lots of off-network re-runs and old movies.
As the money started coming in, Fox stations added more news, Fox came up with the money to show Sunday NFL games and they became a major network. Although to this day, they still have no daytime schedule, no national newscast and no late night show, having passed on Conan O'Brian because their local stations make too much money from 11pm and 11:30 sitcoms.
At least if CityTV comes to Montreal, they'll only have to do a local Breakfast Television and can omit evening and nighttime news. But I really don't think there's enough revenue in Quebec to support a third non-governmental commercial French broadcaster, unless it could be run on a shoestring. And I don't think the government would allow that.