TheStreet.com Ratings: An ETF Idea for Australia

The Australian senate's decision earlier this month to remove restrictive media ownership laws that have been in place in the country for decades will allow companies to control two forms of media outlets -- a radio station and a newspaper, for instance -- in one city.

In addition, the new regulations, which must be approved by the country's house of representatives -- a move that most observers say is a given -- would open the door to foreigners seeking to buy Australian media companies.

Australia has lagged other countries in both freeing up its media sector and attracting private equity, so both of these factors coming into play simultaneously is good news for savvy investors. Over the past year, private equity investment in the country has exploded, with offers for Australian business assets reaching $21.3 billion so far this year, up from $1.4 billion in all of last year, according to Bloomberg.

Indeed, talk of mergers and takeovers is heating up Down Under. ...