Under the plan, the restrictions on cross-media ownership will go, as long as there are at least five so-called "independent voices" in metropolitan markets and four independent voices in regional areas.
Also on the cutting room, floor foreign ownership restrictions - although it will remain a "sensitive" sector under the government's foreign investment policy.
"Before everyone gets too excited about any potential concentration, I think we need to realise these safeguards have been designed very carefully to ensure that there are possibilities in larger markets, but a number of safeguards and certainly a number of hoops that potential investors would need to jump through before they could or would undertake a merger," Senator Coonan said.
The restrictions in place mean that more than half of the regional market, 63 percent, would be unable to complete a merger of any kind. Senator Coonan believes new players are likely, "I do think there is some possibility of new entrants."
Use it or lose it
Communications Minister Helen Coonan says the shake-up will pave the way for pay television operators to grab and show prominent sporting events because the anti-siphoning list, a list of sporting event which free to air television stations have access to, will be changed to a ‘use it or lose it basis’.
That means commercial stations will no longer be able to buy the rights to the event and not show the program.
Regional broadcasters have not escaped the overhaul, with licence conditions on television players in Queensland, Victoria, New South Wales and eventually Tasmania to be legislated. Regional radio stations will face local content regulations.
She said the large regional market safeguards were likely to attract, rather than deter, investment.
Going digital
People will also be encouraged to change over their analogue television sets to digital, though the government has extended the deadline for the changeover date by as much as four years, its new ‘target’ will be a period between 2010 and 2012.
Senator Coonan said expected the switchover to occur over a period of time, "I would expect ... that it would happen region by region, commencing from 2010."
Free to air television stations will be allowed to broadcast one standard definition multi-channel from 2009, with full multi-channelling no later than the digital switchover date. Two reserved digital channels will be opened up for digital services.
And genre restrictions on the ABC and SBS multi-channels will be lifted.
Ms Coonan says the fine details have still to be worked out, "There is however a degree of implementation to be worked out in relation to the design of spectrum and the issue of new digital licences and ... in relation to the development of the digital action plan.
The media laws are expected to begin being implemented next year.