The nation's top media executives will descend on Parliament House in Canberra today, in a rare show of unity to protect their industry by supporting the Federal Government's proposed shake-up of media laws.

Key points: Proposal would scrap the "two out of three" rule and the "reach" rule

Proposal would scrap the "two out of three" rule and the "reach" rule These restrict media ownership and the percent of the population a TV broadcaster can reach

These restrict media ownership and the percent of the population a TV broadcaster can reach Communications Minister says "this is the only comprehensive media plan in town"

More than 25 representatives from across the media spectrum argue the changes will modernise regulations drafted in the days before the internet.

Some will also campaign for broader changes to media laws to curb the influence of social media giants like Facebook.

"I don't want to be a prophet of doom, but I think you're already starting to see some of the impact that the delay in the reform that has been long waited for," said the executive chairman of News Corp Australia, Michael Miller.

"While they may not recognise it fully, I think that consumers are probably feeling the most pain as what they've traditionally enjoyed is very slowly impacting the amount and the quality of the coverage which they've previously enjoyed."

Communications Minister Mitch Fifield still needs to negotiate the Senate to get the suite of measures through Parliament.

"This is the only comprehensive media plan in town, the industry wants it, the industry needs it. It should be supported in its entirety," Senator Fifield said.

The proposal is broad ranging. It includes scrapping the "two out of three" rule, which stops an individual or a company owning a newspaper, TV station and radio station in the same licence area.

The "reach" rule, which prevents a single TV broadcaster from reaching more than 75 per cent of the population, is also set to go.

Along with local content protections, those measures were announced by Senator Fifield last year.

A few weeks ago the Minister added changes to the television broadcast licence fee arrangements, restrictions to gambling advertising, and changes to which sporting events need to stay free-to-air.

A Senate inquiry investigating the future of journalism in Australia is currently underway.

'A ripping question': Preserving a commercially healthy environment

Last month, Network Ten issued a warning about its viability in the wake of a significant half-yearly loss.

Fairfax is also slashing about 120 journalists, or around a quarter of its workforce, from mastheads The Sydney Morning Herald and The Age.

Macquarie Media, which operates talkback radio stations such as Sydney's 2GB and Melbourne's 3AW, said there needed to be a greater discussion about achieving a level playing field for Australian media outlets.

Its chief operating officer, Adam Lang, argued locals are not only battling for market share with traditional international media outlets such as the BBC and The Guardian, but also with Google and Facebook.

"I think we do need to measure the laws and environment that's applicable in Australia alongside that context, the international context, to best preserve what is already a commercially healthy environment and must remain so," Mr Lang said.

"That is a ripping question to deal with."

Shadow communications minister Michelle Rowland argued Labor remained opposed to some of the Government's proposals, despite acknowledging the difficulty the industry is facing.

"The facts are that Australia has one of the most concentrated media markets in the world. Traditional media still remains the key source for news for the majority of Australians," she said.

"Whilst the two out of three rule may not necessarily be a rule there for all time, should it be abolished today? The answer is no, in light of all those facts that we have."

Ms Rowland suggested the Government had not properly negotiated with Labor.

"The Government could have had the 75 per cent reach rule abolition and also the local content rules — they could have been enshrined in law at the end of last year," she said.

"We also see that there are a number of elements in this revised packaged the Minister has put forward which in principle, Labor supports, because quite frankly Labor proposed them."