Seven West Media chairman Kerry Stokes wants media regulations abolished entirely but is worried a push to change current ownership laws could hurt the cause.
The media baron says it should be left to the market to decide the make-up of the sector, with the usual oversight from the Australian Competition and Consumer Commission.
The only regulation that should be left in place should be anti-siphoning laws, which ensure major sporting events are shown on free-to-air TV.
"With the exception of anti-siphoning I'd like to see no regulation," he told shareholders at the company's annual general meeting on Wednesday.
"The government needs to make a decision: if it's free market or it isn't."
The federal government has indicated a desire to overhaul current ownership restrictions but is waiting for a consensus among industry players about possible changes before proceeding.
Several media companies - including Fairfax, Ten, and broadcaster Southern Cross Austereo - have recently called on the government to wind back ownership regulations.
Current laws prohibit a broadcaster from reaching more than 75 per cent of the population, and prevent one company from owning a TV station, radio station and newspaper in the same market.
Mr Stokes said he feared the current drive for a legislative overhaul would result in only one or two changes, and derail the case for broader reform.
"I've been in this business now for nearly 40 years and I know from experience that once there is one change made, the entire thing goes off the agenda," he said.
"If there is going to be change, let's get it all done."
