The shadow culture minister, Tim Yeo, attacked the current state of media legislation saying that it was holding up the growth of the industry.
According to Yeo: "It is clearly ludicrous that the media is still subject to special competition laws when it is so clearly detrimental to the growth and prosperity of the sector."
He said the Tories would be proposing a bill to liberalise the competition laws, which would give ITV the chance to be served by one company and remove restrictions on the ownership of Channel 3 licences.
"Our bill allows the ITV network to be served by a single company, thus recognising that enough alternative channels now exist and enabling the existing companies to weather the downturn in advertising revenue," Yeo said.
The suggested changes are likely to please media owners such as Rupert Murdoch, who is currently prevented from owning a UK terrestrial TV station. The Tories' election defeats in 1997 and 2001 were widely attributed to their failure to secure support from formerly Conservative-friendly newspapers such as The Sun.
In November, the government unveiled a consultation document as it prepares a review of communications laws. The government's proposals would not remove regulatory hurdles blocking Murdoch from buying a UK terrestrial station, but would allow the creation of a single ITV company.
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