The proposals could force any company which owns 20% of media outlets to sell some of their interests
A bill will be introduced to the Dáil later that would cap the amount of a media outlets that one person can own.
The Social Democrats bill would also be retrospective - meaning it could force any company which owns 20% of media outlets to sell some of their interests.
TD Catherine Murphy says the bill would help to secure the plurality of the press.
"I think it's really important that we have a media that there's a great degree of plurality - that it's open & independent, and that it's robust," Deputy Murphy explained.
"We've plenty of examples. For example, one of the conclusions after the economic crash was that there was a degree of groupthink. So I think that just shows you that it's important we have a media that is diverse," she added.
The Social Democrats say the bill is about principle and is not out to target the dominant media positions held by RTÉ or businessman Denis O'Brien through his ownership of Communicorp and a significant shareholding in Independent News & Media.