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While Malcolm Turnbull's review is on hold, media executives have not been idle. Photo: Alex Ellinghausen

Mothballs are still packed around the Abbott government's media reform package, but that hasn't stopped the pulse quickening for merger and acquisition activity in the sector.

This week Chinese billionaire Sun Xishuang bought Australia's second biggest Cinema chain, Hoyts, in a deal believed to be worth $900 million.

It came a day after Fairfax Media agreed to a $200 million merger of its radio assets with John Singleton's Macquarie Radio Network, and sold its Perth radio station, 96FM, to ARN News and Media for $78 million.

At the same time, the battle for third-ranked metropolitan TV broadcaster Ten Network Holdings continued to simmer.

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Investment bankers were salivating at the prospect of an M&A bonanza after Communications Minister Malcolm Turnbull said earlier this year that he would examine media regulations, which many industry players say have become outdated.

Although there has been a steady flow of small deals in the sector worth between $5 million and $20 million, a flood of big deals between established household names has failed to eventuate.

This is because Mr Turnbull shelved the reform agenda, citing a lack of consensus among the main media companies.

Mr Turnbull had planned to review laws that ban mergers between metropolitan and regional television stations and the "two-out-of-three rule", which stops companies owning TV, radio and newspaper assets in the one city.

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Australian media execs strike deals despite Tony Abbott's stalled reform