From The Spencer St. Socialist;

Foreign investors have expressed their interest in investing in Australian media companies following the relaxation of ownership laws, the Communications Minister has said.

Announcing a long-awaited shake-up of Australia's $16 billion media industry in Canberra this afternoon, Senator Helen Coonan said the new regulations would attract investment, and revealed that she had already received "contact from international stakeholders'' .

However, she would not be drawn into naming which companies would be major players after the overhaul, adding that a series of checks would need to be conducted before any mergers or takeovers.

Senator Coonan said a switch-off date for the existing analogue TV service had not been finalised, announcing that the process would be staged between 2010 and 2012.

Foreign ownership laws covering the nation's media will be ditched and large mergers allowed under the revamp of media laws outlined today.

Senator Coonan said the changes would pave the way for pay television operators to broadcast prominent sporting events.

Consumers the big winners

She said consumers stood to benefit the most from the overhaul.

"It is clear to the government and to much of the industry that the media landscape is changing rapidly, and a flexible system is needed to allow media companies to adapt and prosper in the new digital environment,'' she said.

"A far-sighted approach is needed to meet the needs of consumers now, and to provide the benefits of new technology into the future.''

Under the plan, the current restrictions on cross-media ownership will be ditched, as long as there are at least five "independent voices'' in metropolitan markets and four in regional areas.

The foreign ownership restrictions across the media will go, although it will still remain a "sensitive'' sector under the government's foreign investment policy.

Licence conditions on regional television players in Queensland, NSW and Victoria, and eventually Tasmania, will be legislated.

There will also be local content regulations for regional radio players.

Anti-siphoning changes

The anti-siphoning list of sporting events 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 an event and just sit on it.

Other changes include the development of a plan to encourage people to change over their analogue televisions to digital.

This includes pushing back the changeover date for digital from the end of 2008 to a period between 2010 and 2012.

New digital channels

Two reserved digital channels will be opened up for digital services.

Free to air television stations will be allowed to broadcast one standard definition multichannel from 2009, with full multi-channelling no later than the digital switchover date.

Genre restrictions on the ABC and SBS multi-channels will be ditched.

"The proposed reforms will enable existing players to make the most of emerging digital media technologies and give them the flexibility to structure their businesses to be globally competitive media companies,'' Senator Coonan said.

"But it is consumers who will be the biggest winners, with access to a range of new services, potentially including several new digital channels, and even more to come in the transition to digital television.''

Sorry Daniel thats way too long to read, but its great :)

New channels, eh? I certainly hope they'll be better than Nine and Ten. Not that that would be especially hard. Seven all the way. 'cept SBS, and that's only for Top Gear!

I can't believe the 'digital date' has been pushed back yet again. This is simply getting beyond a joke...