New reporting requirements for foreign owners of Australian media assets
From 1 September 2018, a foreign person with company interests of 2.5% or more in an Australian media company must notify the Australian Communications and Media Authority. Australian media companies include companies that hold commercial television or radio broadcasting licences, or that publish a newspaper that is associated with a broadcasting licence area. This follows the passing of the Broadcasting Legislation Amendment (Foreign Media Ownership, Community Radio and Other Measures) Act 2018 on 22 August 2018.
The new obligations include existing foreign stakeholders making initial disclosure notifications by 28 February 2019, timings for notification of changes of foreign stakeholder status and reporting at the end of each financial year. The new provisions also apply to persons acting on behalf of foreign stakeholders, such as executors, administrators and liquidators.
For more information and to lodge a notification, please refer to the Australian Communications and Media Authority website.