Australian media company Fairfax has reportedly received the approval from its stakeholders to merge with television network Nine Entertainment. As per trusted sources, the merger has been made possible owing to the relaxation of media ownership laws by Australian government last year.

Up until last year’s law changes, proprietors had been prohibited from owning TV stations, radio, and newspapers in the same city – a rule formulated to protect media diversity. Reportedly, the support by the shareholders of Fairfax has been termed as overwhelming for the multi-billion-dollar merger, which is expected to have a massive impact on the media industry of Australia. Sources with knowledge of the matter claim that the new business would be known as Nine, shedding its earlier well-recognized Fairfax name.

Chairman of Fairfax, Nick Falloon was reportedly quoted stating that the media consolidation offers remarkable potential by leveraging enhanced marketing inventory and increased scale of audiences. Subject to court approval, the change is anticipated to be implemented on December 7 this year, Falloon further added.

One of the country’s biggest, the deal wraps in the television network of Fairfax and its newspapers including The Australian Financial Review, Melbourne’s The Age, and The Sydney Morning Herald. Reportedly, the deal also includes numerous radio and digital assets of Fairfax, including property listings business Domain and news websites in other cities.

According to a report, the Australian Competition and Consumer Commission had ratified the agreement in the second week of November, despite signs that the deal may lower competition. Many former and current employees of Fairfax had previously raised concerns regarding whether the deal would compromise the future of journalism, cite trusted sources.

Chief Executive Officer of Fairfax, Greg Heywood reportedly commented that independence is at the heart of the firm’s newsrooms which would be carried on into the future by journalists, despite the deal being the end of an era for the corporate identity of Fairfax.