At least 10 Labor MPs had wanted to speak on the draft laws - the biggest shake-up of media ownership in 20 years.
But debate was cut short at 11am today - three hours early - and the bill was passed by 77 votes to 55 a little over an hour later.
Labor backbencher John Murphy told parliament the laws would lead to a stranglehold on media ownership and give the Packer family everything the late media mogul Kerry Packer had ever wanted.
"Kerry Packer isn't even stiff and already the market's announcing that Jamie Packer has increased the family fortune by 50 percent and potentially could double the family fortune. Well what a disgrace," Mr Murphy said.
The amendments were lost along party lines in the House of Representatives, where the government holds a clear majority.
The new regime will not come into force before February 1 next year at the earliest, and possibly not until 2008.
But media organisations have already begun positioning themselves for the changes.
Overnight, Seven Network owner Kerry Stokes grabbed a strategic
8.4 percent stake in West Australian Newspapers.
And the Packer-owned Publishing and Broadcasting Ltd is preparing to announce a major deal which could involve the $4 billion sale of half its media interests, including the Nine television network.
The changes allow foreign investors to buy local media companies, and lift limits on how many media outlets a single proprietor can own in one market.
For the first time in two decades, newspaper publishers will be allowed to own a radio or television station in the same city, and vice versa.
But there will have to be at least five operators in mainland capitals and four in rural centres.
And in amendments forced by the Nationals in the Senate last week, no single company will be allowed to own more than two formats - newspapers, television or radio - in any one market.
Government backbencher Stephen Ciobo said the changes would bring an outdated, outmoded regulatory system into the 21st century.
"There isn't some great threat to voices in Australia - rather, there is an increased level of flexibility that will ensure that media players in our country go forward, have the opportunity to move into new markets, but importantly as well be subject to greater levels of competition," Mr Ciobo said.
The Broadcasting Legislation Amendment (Digital Television) Bill
2006 and Broadcasting Services Amendment (Media Ownership) Bill 2006 will now be sent to the governor-general for the final seal of approval.
The laws will not come into effect until the government decides on a proclamation date and Communications Minister Helen Coonan has refused to say when that might be.