Communications Minister Malcolm Turnbull is preparing to put a media-ownership policy to cabinet that would scrap long-standing restrictions that stand in the way of further consolidation of television networks, radio stations and newspapers.

However, Mr Turnbull has no plans to free up the anti-siphoning list of sports that are guaranteed for free-to-air television, despite hard lobbying by News Corp and its joint venture Foxtel, which wants to show more sporting events.