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The National Union of Journalists and others have raised concerns about the levels of media ownership of billionaire businessman Denis OBrien. Photograph: Dara Mac Dnaill

New Government guidelines on media mergers say it is undesirable for one person or business to hold excessive influence and introduce a public value test for future consolidation in the industry.

The draft guidelines, which will apply across print, broadcast and online, also set out thresholds that specify how many shares or holdings are needed to be able to influence the direction or policy ... with regard to news, current affairs or cultural content.

They say that a holding or voting strength of more than 20 per cent ... will generally constitute a significant interest, while a 10 per cent share could also constitute a significant interest.

A significant interest is defined as having sufficient voting, financial or ownership strength to influence direction or policy.

The draft guidelines will be published today by Minister for Communications Alex White. A public consultation process will be open until next month.

The final rules will not apply retrospectively, but one source said that recent media acquisitions might not have passed the new test.

The National Union of Journalists and others have raised concerns about the levels of media ownership of billionaire businessman Denis OBrien.

Mr OBrien is the biggest shareholder in Independent News and Media (INM), with a 29.9 per cent stake, but he has been deemed by the Broadcasting Authority of Ireland not to control INM.

Mr OBrien also owns Communicorp, the radio group that includes Today FM and Newstalk.

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New rules will focus on media ownership