Federal cabinet is expected to consider media reforms when it meets later on Monday.

The package will include a code of ethics for journalists, a tort of privacy and increased Australian content rules.

Communications Minister Stephen Conroy also is likely to argue for a change to media ownership rules that would prevent further expansion of the Murdoch empire, The Australian Financial Review said.

Under existing laws, media moguls are restricted to control of two out of three media platforms including commercial television, radio or newspapers.

Senator Conroy is expected to ask cabinet to change this restriction to "two out of four", adding pay TV to the list.