The Conservative government of Australia figures now's the time to deregulate its media industries and allow more foreign ownership of newspapers and broadcasters.

An excerpt from the March 14 BBC article:

Under the present rules, foreign companies cannot own more than 15% of a TV company or 25% of a newspaper firm.

There also is a limit of 15% on the amount of TV, radio and print holdings one company can own in a single city.

The government said consumers' needs had changed and reform was needed to stop Australia becoming a "dinosaur".

Consolidation?

"There is a compelling case for change, and if the government does not act, then there is a genuine risk that Australia will become a dinosaur of the analogue age," said Communications Minister Helen Coonan.

The government will now consult media companies over the planned changes.

What I think we have to recognise is that the whole landscape for media has changed Helen Coonan, Communications Minister

Australia's Prime Minister John Howard has been hampered in his efforts to change the media law because his conservative coalition did not control the upper house of parliament, the Senate.

However, the government now controls both houses of federal parliament, increasing its chances of getting the new legislation passed.

Analysts said that the relaxation of the media laws would clear the way for firms including Rupert Murdoch's News Corporation and Publishing and Broadcasting - which was built up by the late Kerry Packer - to strengthen their positions in the market.

Companies that may attract buyers include Fairfax, the publisher of the Sydney Morning Herald and Melbourne's Age, and Ten Network, Australia's third-ranked TV network.

Now, the story goes on to say that the government wants to see five media companies operating in Australia's largest cities, and at least four in the next tier down.

The government also reserves the right to approve foreign purchases of Australian assets, but I can't see that as being a huge obstacle.