PNG's prime minister, Peter O'Neill, says he does not want to control the media as speculated but wants to see PNG have greater shares in this industry.
He has told reporters in Port Moresby that his government wants to implement the same legislation as in Australia and the United States.
The newspaper, The National, quotes the prime minister as saying media freedom will not be affected by such a move.
He has told journalists that in PNG people allow everybody else to own everything but Papua New Guineans own nothing.
Reporters Without Borders' Bob Howarth has said PNG is considering similar legislation to that adopted in Fiji in 2010 when foreign ownership of media outlets was restricted.