"The precise form of the reforms and a detailed government response to the report’s recommendations will be informed by a public consultation process, led by Treasury and involving the Department of Communications and the Arts as well as the Attorney-General’s Department," Treasurer Josh Frydenberg said in a statement on Friday.
"The consultation process will run for 12 weeks and will enable all interested stakeholders to provide feedback on the report and its implementation.
"Following these consultations, the Government intends to finalise its response to the report by the end of the year."
He said the government recognised that, since news and journalism was an important public good, there was a need for reform "to better protect consumers, improve transparency, recognise power imbalances and ensure that substantial market power is not used to lessen competition in media and advertising services markets".
Frydenberg said the government had also accepted that there was a need to develop a harmonised media regulatory framework.
The ACCC released the preliminary version of the report in December last year.