Prime and Southern Cross may be targeted by their capital city affiliates if the ALP is returned to government on August 21st.
The potential sale of the companies would be prompted by the removal of the 75 per cent audience reach rule, which restricts free-to-air television companies from owning stations that reach more than 75 per cent of the population.
The potential removal of the rule was proposed by Communications Minister Stephen Conroy who said it would be included in the government's "convergent media review".
If the rule is scrapped it could see the Ten Network bid for Southern Cross, which broadcasts Ten programmes in regional centres and owns numerous commercial radio stations.
The top-rating Seven Network would also likely acquire Prime Television, which is undergoing a corporate and programming restructure, including moving regional NSW news bulletins to its Canberra facilities, angering local communities in southern and western NSW.