The European Media Freedom Act establishes safeguards for editorial independence and the protection of journalistic sources across the European Union.
German MEP Sabine Verheyen, who shepherded the law through parliament, pointed to the murder of Maltese investigative journalist Daphne Caruana Galizia and threats to press freedom in Hungary as examples of why such a law is needed, reports DW.
"The significance of media plurality for a functioning democracy cannot be stressed enough," she said.
Press freedom advocates hail law
EU commissioner for values and transparency Vera Jourova praised the "historic vote" on Wednesday.
"Independent media are essential to democracies," she said on social media. "It's the duty of democracies to protect them."
Media watchdog Reporters Without Borders also welcomed the move.
"This law's adoption marks a major step forward for the right to information within the European Union," the organization's Brussels office chief Julie Majerczak said.
She said it is now up to EU member state to "ambitiously" implement the law.