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Financial Times / Biz - Money

Australian media stocks rise on reports of deal to scrap ownership laws

Australian media companies were climbing on Thursday following reports the government has reached a deal to scrap controls on media ownership.

The Australian government has reached an agreement to secure the support of senator Nick Xenophon that will see the two longstanding controls over media ownership scrapped in return for grants for small publishers and money for 200 cadetships, ABC reported.

The two rules set to go are the “two out of three rule” preventing one individual or company from owning a newspaper, radio station and television station in one license area, and the “reach” rule which prevents a single television broadcaster from reaching more than 75 per cent of the country’s population.

Southern Cross Media gained 1.7 per cent, Fairfax Media climbed 1.8 per cent, Seven West Media was up 0.7 per cent and Nine Entertainment rose 0.4 per cent. The benchmark S&P/ASX 200 edged down 0.1 per cent.