Radio and regional TV owner Southern Cross Media had one eye on a potential shakeup of industry ownership laws when selecting former Network Ten boss Gran Blackley as its new chief executive.
Mr Blackley will join the owner of the Triple M network and Sydney's 2Day FM on June 29, returning to the media landscape five years after his sacking from Ten.
Five years in the top job at Ten ended amid falling earnings and the appointment of James Packer, Lachlan Murdoch and Gina Rinehart to the network's board.
Mr Blackley has since been in the hospitality industry, leading the Keystone Group, which owns dozens of restaurants and bars, including Jamie Oliver's chain of Italian restaurants.
Mr Blackley also co-owns a talent agency with Hugh Marks, a board member at Nine Entertainment.
He replaces Rhys Holleran at Southern Cross Media, who recently announced his six years as CEO would end in July.
"Media is a tough industry but it is also a highly creative and dynamic sector and with the right vision, strategies and leadership I believe Southern Cross Austereo has a strong future," Mr Blackley said.
Executive chairman Peter Bush, who has previously worked with Mr Blackley in other media roles, said the company had been looking for someone with extensive media experience and the capacity to develop talent.
"In addition, with the potential opportunities and challenges that could flow from mooted media ownership rule changes in future, Grant's extensive media industry knowledge and network will be a distinct advantage," he said.
Communications minister Malcolm Turnbull wants to deregulate media ownership laws amid the growing prevalence of digital media, a move that could spark mergers in the industry.
Mr Blackley will be paid $1.05 million per year as CEO of Southern Cross Media, plus bonuses of up to $800,000.
He will also have to step down from Keystone and his talent agency.
Southern Cross shares dropped 1.5 cents to $1.065.
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