Seven Network has increased its stake in West Australian Newspapers from 16.1 percent to 17.3 percent, becoming the dominant investor of WAN.

The television broadcaster is the first company to take advantage of the Australian Federal Government's new media ownership laws this year.

Seven just bought 2.6 million more WAN shares last month and has 17.3 percent now, according to Asia Media. The previous law limited it to owning no more than 14.9 percent. The investment makes it possible to eventually buy out the publisher of The West Australian newspaper, although Seven has not said it is interested in doing so.