The Wire

Federal Parliament officially passed the new media laws today and although they’re not in effect yet the market has reacted instantly. The Packer empire has set up a new media company which will mean its media interests will now be half owned by a foreign equity firm, and in WA Channel 7 owner Kerry Stokes has made moves to buy the state’s only daily newspaper. Investigative journalist Brian Toohey says Australia can expect the Big Two to dominate the media landscape within a very short time.