While its rivals are agitating for an overhaul of media ownership laws, Seven is preaching caution.

Don Voelte, the deputy chairman of Seven West Media and chief executive of its major shareholder Seven Group, has warned against “piecemeal” changes to current ownership laws.

“What we are fearful of at Seven Group and Seven West is when you look at regulation piecemeal and you just take a look at one thing, because what happens is there is unintended consequences,” he told a business lunch.

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“Sometimes we see people getting impatient, they have one project or one item and they try to get one piece of it changed without looking at the entire picture.”

But Mr Voelte said Seven would support a comprehensive review of media ownership rules.

“We are very happy to support an overall review of media regulation to meet the new challenges … as long as it’s done comprehensively and media have the opportunity to respond to it and participate in it,” he said.

Current laws prohibit a broadcaster from reaching more than 75 per cent of the population, and prevent one company from owning a TV station, radio station and newspaper in the same market.

The Abbott government wants the laws changed, but Communications Minister Malcolm Turnbull has said a lack of consensus among media owners is holding up reforms.

Mr Voelte’s comments contrast to recent statements from other media groups, including Fairfax, Network Ten, and broadcaster Southern Cross.

Fairfax chairman Roger Corbett last week called on the government to show “decisive leadership” by overhauling the “archaic” regulations.

Meanwhile, Mr Voelte has also expressed sympathy for rival Ten, which is seen as a prime takeover target after years of poor ratings and advertising performances.

US media giants Time Warner and Discovery, plus private equity groups, are among those said to be looking at the broadcaster.

“I just wish the best for everybody including the shareholders, the owners and most importantly the executives and employees of Ten,” Mr Voelte said.

“Corporate actions swirling over your head are not fun.”

He said there was still a place for a third commercial free-to-air television network in Australia, for now.

” I think there is still something to be said for three FTAs still, (but) maybe not in the future.”