Communications Minister, Helen Coonan, will reportedly release her draft media reform blueprint later this month, containing an anticipated series of tradeoffs and compromises.

The Australian’s Jane Schulze believes Senator Coonan, who returns from overseas on Saturday week, is close to finalising draft outlines of her policy proposals.

And, soon after, she will begin informal discussions with industry and Cabvarchar(15) colleagues to gauge support for the changes.

The latest speculation is that no media owner will gain all the changes they seek and must be ready to compromise.

Schulze has been told from within Government: “There will be a series of tradeoffs and media groups will have to move their positions, otherwise the whole thing will fall over.”

It is understood Senator Coonan hopes to bring a bill on the issue to Parliament in September-October, rather than before the end of the calendar year.

Most industry observers expect the media ownership bill to be devoid of amendments such as a rule limiting ownership to two of the three main media.

Instead, the proposed legislation is likely to place greater confidence in the ability of the Australian Competition and Consumer Commission (ACCC) to arbitrate on potential media mergers.