Deals begin among Australia's media groups

Two Australian media groups set the ball rolling on the expected industry reshuffle, with Publishing and Broadcasting (PBL) spinning off media businesses in a $3.4bn (1.37bn) deal and TV broadcaster Seven Network, led by Kerry Stokes, taking a 10% stake in Perth's main daily newspaper. The moves came as Australia's parliament passed a law easing media cross-ownership and foreign ownership rules for the first time in 20 years. The law is expected to trigger a flurry of takeovers in the $12bn ($4.8bn) industry. "The whole industry's in play now. It's been thrown wide open," says Jack Chemello, an analyst with fund manager BT Financial group. (Via Reuters)