Too bad nobody will actually get to enjoy the fruits of their labours as most of it is under copyright.
For those who don’t want to read the article: EMI Music Canada was a recording company that went bankrupt. A while back the University of Calgary got their tape library (the raw recording tapes). The tapes were in bad shape and continuing to degrade. The $2 million grant is to cover the cost of preservation efforts so that they can then read the tapes and digitize the content on new media (my guess is a massive collection of .wav files).
Is this off-topic enough or do I need to try harder?