Australia May Loosen Media Ownership Restrictions

CANBERRA, October 13:
Australia’s senate has passed a controversial bill that would ease restrictions
on cross-media ownership and on foreign ownership of Australian media
companies.

The legislation is intended to spur development of digital services and the
growth of new media. Observers said they expect to see a flurry of media
mergers if the law is passed, as well as buyouts of Australian companies by
foreign players.

Passage of the bill set off speculation about which companies in
Australia’s $7.5 billion-a-year media industry would be bought and which would
be buyers. Australia’s regulatory
authority, the Competition and Consumer Commission, said
it will still reserve the power to prevent certain mergers if the bill becomes
law.