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Prime ministers

Keating Signals Possible Shake-Up of Cross-Media Ownership Laws Amid Packer's Fairfax Raid

Strategic Insights

— 1 min read

The Australian Prime Minister, Mr. Keating, has hinted at a possible revision of the country's cross-media ownership laws as media mogul Kerry Packer's stake in Fairfax increases, raising concerns over the potential for a shake-up in the media landscape. Mr. Keating has accused Mr. Packer of inconsistency in his views on foreign media ownership, citing a 1991 parliamentary inquiry in which Mr. Packer condemned limits on foreign ownership.

Key Takeaways:

  • Mr. Keating has signaled a possible shake-up of the cross-media ownership laws, citing the need to examine the effectiveness of the current regulations.
  • Kerry Packer's stake in Fairfax has increased to 17.45 percent, prompting concerns over potential control of the company.
  • The Australian Broadcasting Authority (ABA) is expected to report on the matter to the Minister for Communications within the next week.
  • Mr. Keating has accused Mr. Packer of staging an about-face in his attitude to foreign media ownership, citing his change in stance from 1991.
  • Mr. Packer's consortium with Optus failed to win exclusive optic cable franchises, which Mr. Keating claims has driven Mr. Packer's aggressive pursuit of Fairfax.
  • Mr. Keating has reaffirmed the importance of maintaining rules to ensure plurality in the media, despite advancements in technology.

Statistics:

  • Kerry Packer's total stake in Fairfax has increased to 17.45 percent.
  • Mr. Packer's Optus consortium failed to win exclusive optic cable franchises.
  • The value of the de facto privatisation of Telecom, worth about $7 billion, is estimated to be worth half the market share.
  • The Australian Broadcasting Authority (ABA) is expected to report on the matter to the Minister for Communications within the next week.
  • 25 percent of Fairfax stock was held by Mr. Black, Mr. Packer's partner, sparking concerns over control of the company.

Sources:

  • Canberra Times (exact date not provided)
  • Channel 9 program Sunday (exact date not provided)
  • Australian Broadcasting Authority (exact date not provided)
  • Parliament of Australia (1991, exact date not provided)

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