Final answer:
The statement is true. After completing its first five television episodes, an independently produced TV program no longer requires deficit financing.
Step-by-step explanation:
The statement 'After completing its first five television episodes, an independently produced TV program no longer requires deficit financing to fund its production' is true. Deficit financing refers to the practice of funding expenses and investments with borrowed money. In the context of an independently produced TV program, deficit financing may be used to cover production costs until the program starts generating revenue or securing sponsorship. Therefore, once the program has completed its first five episodes and has established a viewership or secured financial support, it may no longer require deficit financing.