Paper quits press council

THE regulation of the print media has been thrown into disarray after Seven West Media pulled out of the self-regulation body and announced its intention to regulate itself rather than participate in a larger entity.

By InvestSMART · 5 Apr 2012

By InvestSMART ·
5 Apr 2012

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The group, which encompasses Seven Network, Pacific Magazines and West Australian Newspapers, withdrew as the self-regulator, the Australian Press Council, said it had secured more funding.

Press council chairman Julian Disney confirmed the remaining eight publisher members had agreed to double the press council's annual funding to close to $2 million.

Former Federal Court judge Ray Finkelstein proposed the idea of a government-funded media regulator earlier this year as part of his review of the print media.

Mr Finkelstein's report criticised the council for being under-resourced and slow, and is now being considered by Communications Minister Stephen Conroy as part of a wider review of the media.

Professor Disney said in a short statement that "the money is there to strengthen the effectiveness of the standards and provide some clarity around them".

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Frequently Asked Questions about this Article…

What happened when Seven West Media quit the Australian Press Council?

The article reports that Seven West Media withdrew from the Australian Press Council and said it intends to self-regulate rather than participate in a larger industry regulator. The move affects the group that includes Seven Network, Pacific Magazines and West Australian Newspapers.

Which media companies are named in the report about the press council split?

The article specifically mentions Seven West Media and its businesses — Seven Network, Pacific Magazines and West Australian Newspapers — as having pulled out of the Australian Press Council. It also refers to the Australian Press Council and its chairman, Julian Disney.

How has the Australian Press Council responded on funding after Seven West Media’s exit?

Pressed council chairman Julian Disney said the remaining eight publisher members agreed to double the council’s annual funding to close to $2 million, with the additional money intended to strengthen standards and provide clarity.

What did Ray Finkelstein recommend in his review of print media regulation?

Former Federal Court judge Ray Finkelstein proposed the idea of a government-funded media regulator as part of his review of the print media. His report criticized the Australian Press Council for being under-resourced and slow.

Is the government considering changes to media regulation?

Yes. The article says Communications Minister Stephen Conroy is considering Mr Finkelstein’s report and its recommendation for a government-funded regulator as part of a wider review of the media.

What did Julian Disney say about the increased funding for the Press Council?

Julian Disney said the extra money is there to 'strengthen the effectiveness of the standards and provide some clarity around them,' according to the article.

What does ‘self-regulation’ mean in the context of this article?

In this article’s context, 'self-regulation' refers to Seven West Media’s decision to manage its own regulatory arrangements rather than participate in the industry-wide self-regulatory body, the Australian Press Council. The piece contrasts that choice with the alternative proposed by Ray Finkelstein — a government-funded media regulator.

What should everyday investors follow next regarding these media regulation developments?

The article suggests keeping an eye on further developments in the media review — including any government response to Ray Finkelstein’s recommendations, statements from the Australian Press Council, and announcements from major publishers such as Seven West Media — because these regulatory changes will shape the industry environment. The article itself does not provide financial or market impact details.