The EU's new media freedom law must contain "joint safeguards... to ensure that our media can operate without interference", reads a statement from EU Internal Market Commissioner Thierry Breton.
One of the main measures is an authority that would review media acquisitions that possibly affect the diversity among the member countries' media owners.
Comes after concerns about deterioration in several countries
The law would also require that funding for state-owned media be "adequate and stable", to prevent governments from influencing newsrooms with the threat of changing budgets.
All member states would also have to introduce national laws protecting journalistic sources.
The bill comes after concerns in the EU about deterioration in several countries in Eastern Europe.
In order to enter into force, approval by the member states and the EU Parliament is first required.