All eyes on Aussie media stocks

All eyes will turn to Australian media stocks today when restrictions on cross-media and foreign ownership rules are lifted.

Shares in media stocks soared last week after the Government surprised the market by announcing its controversial new laws would take effect today.

The changes will allow foreigners to buy local media companies and lift limits on how many media outlets a single proprietor can own in one market. Newspaper publishers will be allowed to own a radio or television station in the same city, although there will have to be at least five operators in mainland capitals and four in rural centres.