Communications Minister Stephen Conroy has quashed cross-bench hopes he will negotiate on his new media laws.

The Federal Government has unveiled the long-awaited details of its proposal which enshrines media standards and tightens ownership regulation through an arms-length advocate to assess media mergers.

Senator Conroy said he wants agreement within two weeks and that he will not be open to any "bartering".

But independent MPs Andrew Wilkie and Rob Oakeshott have raised concerns about the laws.

Mr Wilkie flagged the proposed public interest test for media ownership, saying the area is open to political interference.

He said he wants the chance to negotiate and doubts the deal can be done within two weeks.

But Senator Conroy told Lateline the package of reforms is "not up for negotiation".

"Everybody's known for two years this debate's coming; everyone's known what the convergence review pushed, what the Finkelstein report recommended," he said.

"All of those things have been taken in as a consideration - we're not going to be dragged around for months on this.

"This is a package that the Parliament fully understands and the Parliament will be in a position to make a judgment next week."

Mr Oakeshott said yesterday he was expecting a lot more from the Government and he is disappointed in the reforms.

"They've been incredibly hairy-chested on this over the last couple of years - about convergence, Finkelstein and a big strong package coming down the line," he said.

"My read, and hopefully I'm wrong, is that they've shaved their chest. There's not much in there that is of substance in areas like the tort of privacy."

Critics 'hysterical'

Some major media companies have rejected the proposal, saying the changes could stifle freedom of speech.

News Limited chief Kim Williams said the announcement marks a "sad day for Australian democracy".

But Senator Conroy dismissed Mr Williams's comments, saying News Limited has been "hysterical" about the potential changes to media laws.

"This heavy-handed intervention that you're reading about from Kim Williams and News Limited should be seen as just a little bit of extra theatre as this debate goes on," he said.

"What's a sad day for democracy is the continued erosion of diversity of opinion."

Critics claim the reforms represent Government attempts to gain more control over the media, but Senator Conroy disagrees.

"This is a package that is balanced, [and] it achieves not having the Government take over regulating the print sector," he said.

"The Government is not funding it, it is not setting the standards and it is not judging the tests."