👉 Background: ARN Media is an Australian media company that was a merger of APN News & Media and name Here, There and Everywhere. They run more than 58 radio stations in 33 different markets, including KIIS, Gold, CADA and iHeart in Australia.

👉 What happened: ARN Media’s chairman has flagged that he’d like to buy Nine Entertainment’s talkback radio stations, like 3AW and 2GB, but the Broadcasting Services Act 1992 has caused a major roadblock to the potential acquisition.

👉 What else: The law prevents media companies from owning more than two commercial broadcasting licences in one market — which means ARN can’t legally add Nine’s stations to its portfolio. But ARN’s chairman reckons these laws are outdated - particularly because it’s competing against global music and streaming platforms.

What's the key learning?

💡Radio ownership laws were created for a world that no longer exists. Three decades ago, radio was one of the primary ways that Australians consumed news and formed opinions. These ownership laws meant that no single company could have too much influence.

💡Fast forward to today, and audiences consume content through podcasts, on-demand news apps and of course social media. In fact, only 28% of Aussies aged 18-24 listen to the radio, compared to 84% of those aged over 75.

💡So ultimately, these companies will need to consolidate or innovate in order to survive but these media laws aren’t helping them thrive right now.