The focus of the heated debate is TVN24, Poland's largest TV channel owned by the American company Discovery.
Following Parliament's lightning reading of the proposal on Friday, only President Andrzej Duda's approval is now required.
His party, the governing party Law and Justice, has long held the view that foreign media companies have too much influence in Poland.
Stands up for free media
On Sunday evening, it was demonstrated in defense of TVN24 and other independent media in many places around Poland.
The largest demonstrations took place outside the Presidential Palace in Warsaw and in Krakow.
The protests went under the slogan "wolne media", "free media".
Behind the demonstrations is the civic movement KOD, the Committee for the Defense of Democracy ", which is critical of the bill and of the government in general.
"This government is not fighting a pandemic and inflation.
It fights against free media and citizens' access to information, ”writes KOD on its Facebook page in connection with the protests.
Collects signatures
The TV channel TVN24 has received support from other media companies and started a petition on Sunday morning to convince Duda to reject the bill - on Sunday evening the TV channel counted 1.5 million signatures and according to the channel itself, the number continues to increase.
"The attack on media freedom will have far-reaching consequences for Poland's future," the channel wrote in a press release.
Former EU leader Donald Tusk, who previously led the Liberal Conservative Party Citizens' Platform (PO), expressed his support for TVN24 and independent media ahead of the demonstrations:
"They capitulated to the pandemic and high prices, but they are at war with free media," Tusk tweeted.
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What is the significance of the new media law?
- Listen to Staffan Ingemar Lindberg, professor at the University of Gothenburg.