Provided are an apparatus and a method for processing conditional access system (CAS)-based content. A method of operating a broadcast receiving apparatus includes: receiving a broadcast stream that includes content encrypted based on a CAS; extracting, from the received broadcast stream, CAS information for decrypting the encrypted content; receiving an entitlement control message (ECM) having a preset format based on the CAS information generated in a different format for each broadcasting business operator; and displaying the content decrypted based on the ECM.