The changes were mooted just days before the election by communications minister Helen Coonan at the launch of the Coalition’s broadcasting policy. The unexpected shift of power towards a Liberal-controlled Senate brings these plans on step closer to reality.

The only hurdle that could possible scuttle the plans is the Family First Party, which is being tipped to pick up a seat on the Senate and would prove to be the deciding vote that would give the Liberals a majority in an otherwise hostile Senate. Family First Party president Andrea Mason has already indicated the party will take the opportunity to scrutinise what impact the change in ownership laws would have on Australian families, and would vote accordingly.

Currently, there are restrictions in place that prevent a single company owning both newspaper and television networks, as well as foreign companies being restricted on the number of our TV and newspaper groups they can own.

If the proposal passes Senate when it is officially reformed with a Coalition majority next July, industry pundits are forecasting a media buying frenzy, with a number of newspapers and television networks expected to change hands. Expected scenarios include News Corporation, owner of The Australian and NEWS.com.au, making a bid for a television station; and Kerry Packer’s Publishing & Broadcasting Ltd, owner of the Nine Network, making an offer for newspaper group John Fairfax Holdings, publisher of The Age in Melbourne and The Sydney Morning Herald.

The speculation was also felt on the Australian Stock Exchange, with media stocks responding positively to the likelihood that premium-priced offers would be made if the laws are scrapped.

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