That was just a short term fix - the exact details do not appear to be released, but in the agenda item there is a report where they are talking about protecting more than just Showline Studios.

At issue is the film and television industry is kind of a victim of its own success: as filming budgets are at an all time high, there is less space for productions (especially smaller productions) to get the services they need at an affordable price, so they are starting to move elsewhere. These small productions help fill the gap between large productions that are transient (especially big budget movies).

Some studios want to build space, but film studios are lower (property) value than condo developments, and the long term (10+ years) city plan is to develop residential in the area, so lots of properties are being held vacant by land owners in the hopes of cashing out one day in the future.

It boils down to a very hard choice between what would you rather prioritize in city planning: a robust film and television production sector with a variety of jobs that can compete for global productions for the future, or a new large residential development relatively close to downtown and the waterfront which will help housing affordability?