Fairfax chairman Nick Falloon wants the federal government and opposition to work together on modernising media laws, saying they no longer meet the needs of the industry or community.
Australian media companies are operating at a disadvantage to foreign rivals under the nation's outdated regulations, the industry veteran says.
"It is hindering the development of modern media for Australian consumers and has the potential to greatly restrict the quality of content that flows to them in the future," he told shareholders at Fairfax's annual meeting on Thursday.
"The government, together with the opposition, has the opportunity to drive great economic and social reform through new policy initiatives which meet both the needs of the media industry and the Australian community."
Mr Falloon singled out the 75 per cent reach and the two-out-of-three rules for criticism, saying they were hindering the development of modern media for Australians.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"The reality is that those old media rules advantage our overseas-based competitors at the expense of Australian-owned media," he said.
"Australian media companies are facing significant challenges, both global and technological, and they need to be free to compete on an even playing field."
Media companies, including Fairfax, have long been critical of the long-standing rules particularly since the rise of digital services.
Under the current reach rule, no one is allowed to hold a commercial broadcasting licence if it gives them access more than 75 per cent of the population.
The two-out-of-three rule stops media players from owning a newspaper, radio network and TV station in the same market.
If the rules are changed, it would clear the way for media companies to merge.
Mr Falloon said Fairfax stood ready to take full advantage of new opportunities in the media sector.
His comments came as competition watchdog chief Rod Sims said a shake-up of laws was warranted.
"Changing technology may have made the initial justification for the two-out-of-three rule, from 30 years ago, redundant," he told the RBB Economics Conference, adding that that also applied to the 75 per cent the reach rule.
Newly installed Communications Minister Mitch Fifield has been in talks with media players about possible changes to the "reach rule" and the anti-siphoning list governing free-to-air networks having first bidding rights on sporting events.
