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• Australia's media sector shake up
"If ownership rules are liberalised in Australia, News Corp could potentially increase its holding in APN News and Media which owns NZME in New Zealand," he said referring to the business which owns The Radio Network, GrabOne and many newspaper titles including the Herald.
Media cross-ownership rules might be relaxed and already via News Corp, Rupert Murdoch has 14.9 per cent in APN.
Ellis said that could be increased.
"Do you think he has that and that's all he wants? He doesn't work that way. Nobody does," Ellis said.
Radio in particular could be at the centre of change because it was perceived as a growth area, Ellis said.
"We're seeing that in New Zealand too. If you look at the recent market statements by APN, they're talking about radio as a growth part of the business.
It has already been reported in Australia that anticipating the changes, APN News and Media has put their regional print division, Australian Regional Media, on the market.
News Corp may be interested in acquiring a slew of daily and community newspapers in regional Queensland and NSW, and 30 online news sites, it has been reported there.