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The OFT's review follows Communications Minister Lord Carter's call for such a review in his interim Digital Britain report last month.

Between now and 28 February, the OFT is inviting industry feedback on the issues that the review should touch on.

Following this, the industry will have the chance to respond to a full discussion document that will be issued in mid-March. The OFT plans to complete its review by mid-April and submit findings to the Government ahead of the publication of Carter's final Digital Britain Report, due in early summer.

In his recent Digital Britain Interim Report, Carter invited the OFT, together with Ofcom and other interested parties, to look into whether any change is needed in the merger regime regarding local and regional media - with a particular focus on print media.

Amelia Fletcher, senior director of mergers at the OFT, said: "Local and regional media is an important part of the economy that is currently subject to a range of pressures.

"Initially, we are asking for views on the key issues the review should focus on. Following this, we will engage in detail on how the current media merger regime is operating in both protecting competition for relevant audiences and advertisers, and maintaining media plurality."

Among a range of issues to be considered, the OFT will examine whether the requirement for a plurality of views in newspapers in each local UK region "is realistic or desirable in the digital age".

It will also look at the case for publishing rules on how mergers between local media companies would be approached by the OFT and Competition Commission.