Chief executives from commercial television, subscription television, commercial radio and print media will be walking the corridors of Parliament House encouraging politicians to vote in favour of the reforms.

An event hosted by Seven's Sunrise presenter David Koch will be held on Wednesday evening with Prime Minister Malcolm Turnbull and Communications Minister Mitch Fifield.

The coordinated effort is unusual because Australia's commercial television networks and Foxtel usually lobby against each other ever since pay TV was introduced and the anti-siphoning list was drawn up in 1992.

Instead the entire industry will be focused on convincing Labor politicians and crossbenchers to pass proposed media reform laws in entirety.

Labor supports some of the reforms, but is still "deeply concerned" about removing the two-out-of-three rule that prevents a single person controlling more than two forms of media in one city. These rules were introduced by Labor in the 1980s.

The communications spokesman for the Greens, Senator Scott Ludlam, said the party was also opposed to scrapping the two-out-of-three rule.

"We propose splitting the bill so that the reach rule stays, but not the two-out-of-three rule," he said.

The united industry front was not persuasive, he added.

"We are not really here to advocate for the corporate interest, but protecting the public interest as much as possible," Senator Ludlam said.

The new package has industry support because it includes scrapping $130 million of annual broadcast licence fees in favour of $40 million in spectrum fees, for which networks have agreed to a ban on gambling ads during live sports.

Foxtel chief executive, Peter Tonagh, described unusually strong cohesion among the industry, with his company willing to pull its support if the controversial two-out-of-three ownership rule is amended, even though this rule does not directly affect Foxtel. (However, Foxtel does have a 14 per cent stake in Network Ten, and is half-owned by News Corp.)

"The only reason we have been able to get to where we have got to, is that people [are] able to remove themselves from their personal business interests. There has never been a time, I don't think, that its so important to refresh the legislation.

He said concerns about removing the two-out-of-three rule were misguided, because "having fewer Australian voices is better than having no Australian voices".

But $30 million fund to compensate Foxtel (which doesn't pay licence fees) for the ban on gambling ads "doesn't go anywhere near off-setting" the financial impact, he said.

He added that proposed changes to the anti-siphoning list were a good start, but hopes all but the most iconic events would eventually be removed.

The government has proposed removing FIFA World Cup, Rugby World Cup, the Davis Cup, golfing events, and the V8 Supercars from the list, which means these events may only be available on subscription television in the future.

The summit will hear from all media, with News Corp's executive chair Michael Miller and Fairfax Media's chief executive Greg Hywood speaking for print newspapers, and Macquarie Media's chief operating officer Adam Lang speaking about radio.

Seven West Media will be represented by chief executive Tim Worner - one of his first public appearances since former SWM employee Amber Harrison first revealed details of their affair - and Seven's head of corporate and regulatory affairs, Bridget Fair, and Ben Roberts-Smith, the general manager of Seven's Queensland operations and a Victoria Cross-winning soldier.

Network Ten's chief executive Paul Anderson will also attend.

"This is an unprecedented show of unity from fierce competitors with very different commercial interests," Mr Anderson told Fairfax Media.

"There is a lot at stake and we are simply asking Parliament to give Australian companies a fighting chance against the growing dominance of the tech giants and back this delicately balanced package in its entirety."

Network Ten is in a perilous financial position after its board noted concerns about the company's ability to continue as a going concern during half-year results. The share price closed at 17?? on Friday. Ten must refinance a $200 million loan by December or may be put in the hands of receivers.

Meanwhile Fairfax Media has agreed to proceed with due diligence for two takeover offers from private equity firms interested in its online real estate site Domain.

Suitably, Prime Minister Turnbull - a former corporate advisor and merchant banker - was heavily involved in the introduction of subscription television in Australia and the receiverships of Network Ten and Fairfax Media in the early 1990s.