News Limited chief executive Kim Williams says the media reform package tailored by Communications Minister Stephen Conroy is targeted at his company.
Mr Williams told Lateline the reforms are "firmly aimed" at News Ltd and the Government has a "serious dislike" for the company.
He also defended the Daily Telegraph's front page on Wednesday, which compared Senator Conroy with despots and dictators including Joseph Stalin and Mao Zedong.
Mr Williams told Lateline there had been no consultation between the Government and media companies over the reforms, which he said have the potential to gag the media.
The laws include strong self-regulation of print and online media, and a public interest test for nationally significant mergers and acquisitions.
Senator Conroy wants to sign off with the crossbenchers on the proposal by next week, but he says he is not prepared to negotiate.
He said if the package is not supported it will be ditched.
Mr Williams said the reforms represent a "nuclear approach" that would hinder News Ltd's ability to conduct journalism.