Fairfax calls for easing media ownership Fairfax Media chairman Roger Corbett has urged the government to overhaul media ownership laws. FAIRFAX Media has called for changes to "archaic" media ownership laws amid a continuing decline in revenue and speculation over possible mergers and takeovers in the sector. FAIRFAX Media chairman Roger Corbett said on Thursday that current laws were restricting the modern media industry and failing Australian consumers. Maintaining the status quo was not good enough for most of the industry and Australian consumers and should not be good enough for the Australian government. "The archaic media ownership restrictions currently in place in Australia are outdated and outmoded by technical change and shifts in how consumers now source their news and information," Mr Corbett told shareholders at the company's annual general meeting. We believe there needs to be decisive leadership shown by the government on this important issue. Mr Corbett said there would be an inevitable fall in investment in the sector if the legislation were not changed. Abolishing the reach rules, and the two-out-of-three rule which stops anyone owning more than two of a newspaper, commercial TV or radio licence in a major market would reset the competitive base for a modern media industry. Mr Corbett made the comments as Fairfax said revenue so far this financial year was down two to three per cent. "FY15 year-to-date overall group revenues for continuing businesses are down two per cent to three per cent compared to the prior year," Fairfax chief executive Greg Hywood told shareholders. He said declines in print advertising had moderated, and the digital advertising environment was competitive. Regional and rural advertising markets continued to be challenged. In the group's Metro Media operations, publishing revenues were down four per cent. But the online realestate site Domain's overall revenue was up 21 per cent. Australian Community Media revenues were down around nine per cent. Revenue in New Zealand fell about 0.5 per cent, and radio revenues fell two to three per cent but we're improving.