No. CETA does not affect cultural diversity and funding. As a bilingual country and an initiator of the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions, Canada has no interest in doing any such thing. The European Commission, the EU Member States and the Canadian government are all pulling in the same direction.
Promotion of culture is safeguarded in many parts of CETA. The Preamble confirms the obligations of the contracting parties under the UNESCO Convention. Audiovisual services are excluded from the scope of the Services Chapter and from investment protection. Also, the Services Chapter includes clear exceptions for the cultural sphere which block market liberalisation obligations. Due to the general exception from the obligations for subsidies, funding in the cultural sector remains possible.