Investment bankers in the sleepy media sector were given a shot in the arm last week. Patricia Hewitt, the UK trade and industry secretary, and Tessa Jowell, the culture secretary, together announced the country's draft Communications Bill. Surprises in the proposed legislation have sent British media companies and their advisers into a flurry of activity.

The Bill as it stands will allow large newspaper groups to acquire broadcasters will permit single ownership of ITV, the country's largest independent TV channel, and will allow companies from outside the EU to buy UK broadcasting assets.