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Australia's new media ownership laws, which were endorsed by Australia's Parliament last October, will come into force before mid-year, Communications Minister Helen Coonan said yesterday.
"The proclamation will be made shortly, certainly before about the middle of the year," Coonan said.
Major Australian media companies have started to position themselves for consolidation under the new laws, which remove 20-year-old foreign ownership limits and which relax rules that ban newspapers, radio and television interests from owning each other in the same city.
Analysts have said the enactment of the laws is expected to trigger another wave of consolidation in Australia's A$12 billion ($13.65 billion) media sector.
Newspaper groups John Fairfax Holdings and West Australian Newspapers Holdings and broadcaster Southern Cross Broadcasting are considered the most likely targets.
Publishing & Broadcasting and Seven Network already tipped their media assets, including Australia's top two TV networks, into joint ventures with private equity firms last year. A majority stake in Ten Network Holdings, the owner of Australia's third-largest TV broadcaster, is also up for sale.
Coonan said the media regulator, the Australian Communications and Media Authority was close to completing its register of controlling interests for Australian media companies.
She said the package was also awaiting further rules on the auction of two new digital television channels.
The new laws guarantee at least five separate media groups in the main cities, and at least four media groups in a regional market.
Foreign investments above 5 per cent will still need to be approved by Australia's Treasurer and the Foreign Investment Review Board, although the laws scrap limits which prevented a foreign investor from owning more than 15 per cent of a television station or 25 per cent of a newspaper.
- REUTERS
