The Canadian Broadcasting Company is a television studio that runs The Canada Channel. It first appeared in Season Ten episode "Cartoon Wars Part II".
Background
In "Cartoon Wars Part II", following an incident where Muhammad was censored in the Mystery at the Lazy "J" Ranch show, Terrance and Phillip confronts the network president, demanding that the episode be re-run with Muhammad uncensored. In response, the president did not want to risk the lives of their viewers by doing as such. When Terrance informed the president that Family Guy was about to air an episode with Muhammad uncensored, the president bets them that someone is probably heading to FOX Studios to get the episode off air.
In "Eat, Pray, Queef", after watching a clip of the Queef Sisters, Terrance and Phillip once again make a complaint to the president for replacing their show in favor of the sisters. The president explained the company wanted to appeal to the female sensibility, and felt that the Terrance and Phillip Show was not gaining anymore interest.