AUSTRALIA-SECTOR-MEDIA-INDUSTRY-WEST AUSTRALIAN

A man reads a copy of the West Australian Newspaper in a park near Perth, 18 October 2006. Australia's media moguls battled for position under radical media ownership reforms 18 October, unleashing a multi-billion dollar spin-off deal and a raid on a key newspaper group. Within hours of parliament passing the new legislation media and gaming giant Publishing and Broadcasting Ltd announced it was selling half its media assets for 4.5 billion dollars (3.4 billion USD). Kerry Stokes' Seven Network, the country's second biggest television broadcaster, staged a 200 million dollar (150 million USD) strike to snare a strategic and preliminary 8.4 percent of a key group, West Australian Newspapers. AFP PHOTO/Greg WOOD (Photo credit should read GREG WOOD/AFP via Getty Images)