The Media Reform Commission on Saturday recommended making employee shareholding mandatory for small media outlets.
The recommendation was included in the commission’s report, submitted to Chief Adviser Dr Muhammad Yunus at the State Guest House Jamuna.
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Highlighting concerns over media centralisation, the report warns against sole ownership and multiple media holdings by a single entity.
It references global reforms, including Indonesia’s model, where media organisations operate as public limited companies with journalists and employees granted shares under the Media Act. In developed nations, most major media corporations are publicly listed, ensuring accountability to shareholders.
The commission emphasised that media credibility is as crucial as public trust in banks, arguing that media institutions should face similar public listing requirements.
It noted the banking sector’s ownership restrictions—capping individual, organisational, or family ownership at 10 per cent and limiting board representation to three family members—contrasting it with the absence of such regulations in the media industry.
Recommending reforms, the commission proposed that medium and large media companies issue public shares within a specified timeframe.
Ownership for entrepreneur-directors, individuals, organisations, or families should be capped at 25 per cent, while employee shareholding should be mandatory but limited to five per cent to prevent founders from consolidating control through employee ownership.
Small media companies should also implement employee shareholding.
The report also urged restrictions on cross-ownership, preventing any single entity, group, or individual from controlling multiple media outlets. It cited international examples, such as the US rule barring television station owners from owning newspapers and the UK’s 20 per cent cap on television owners holding shares in local newspapers. India is currently debating a similar bill.
The commission recalled a previous notification in Bangladesh that restricted cross-ownership when private television channels were first approved, but former State Minister for Information Prof Abu Sayeed revealed that the Ministry of Information could not locate the notification, indicating policy neglect by successive governments.
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To prevent further media centralisation, the commission called for an ordinance enforcing cross-ownership restrictions and setting a timeline for restructuring existing media businesses. Proposed approaches include requiring owners of both television and newspaper outlets to retain only one or merging staff from both platforms to form a stronger single entity.