Fairfax Media’s dig at Ownership Laws
Today, Fairfax Media held its AGM in Melbourne, with Chairman Roger Corbett grabbing the opportunity to take a swipe at the federal government on media ownership laws.
He laid it all out telling shareholders that: "The archaic media ownership restrictions currently in place in Australia are outdated and outmoded by technical change and shifts in how consumers now source their news and information,"
Roger is the second Media Network Chairman to come out and have a go at the government’s inaction. SCA Chairman Max Moore-Wilton had a dig just a few short weeks ago at their AGM.
For both groups, they are held back by the current ownership laws, like all in the space, they cannot reach more than 75 per cent of the population and they prevent one company from owning a TV signal, radio station and newspaper in the same market.
Further quoted in Fairfax Media’s Sydney Morning Herald, Roger Corbett went on to say:
"We believe there needs to be decisive leadership shown by the government on this important issue."
"Abolishing the reach rules, and the two-out-of-three rule which stops anyone owning more than two of a newspaper, commercial TV or radio licence in a major market would reset the competitive base for a modern media industry."