The major changes to the 20-year-old media laws that start on Wednesday include allowing foreign companies to own Australian media assets and local players to own more than one platform — newspapers, television and radio — in each market.

More than A$17 billion (US$13.7 billion; euro10 billion) of deals were announced after the changes were approved by lawmakers in October, as moguls such as James Packer, Rupert Murdoch and Kerry Stokes position themselves for action.

Analysts expect the consolidation frenzy to continue once the changes take effect.

“Next Wednesday marks a landmark event in Australian media history,” Goldman Sachs JBWere said in a report.

“Though the actual nature of the media reforms will come as no surprise to the market, the timing of ... and the short notice given ... was unexpected, and could lead to a flurry of activity in the coming few days,” the report said.

The market had expected the changes to come into effect later in the year.

Under the new regime, each state capital city market will have a minimum of five media owners and each regional market at least four, with the Australian Competition and Consumer Commission regulating mergers. In each market, one owner can have a maximum of two media platforms.

Current laws prohibit newspaper, radio and television companies in the same city from holding more than 15 percent of each other and foreign companies are barred from controlling more than 15 percent of a television company and more than 25 percent of a newspaper.

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