Mr Stokes' Seven Network, which holds 19.9 per cent of ConsMedia after recent share raids, pledged not to acquire any further interest in the pay TV company for the next 12 months.
The standstill agreement was reached with ConsMedia's 40.8 per cent shareholder, Mr Packer's Consolidated Press Holdings.
ConsMedia stock fell 25 cents to $3.07 by 11.22am (AEST).
Shares in Seven Network gained 17 cents, or 2.8 per cent, to $6.33.
The deal was announced to the Australian stock exchange by both companies after the close of share trading yesterday.
As part of the agreement, two Seven representatives have been appointed to the ConsMedia Board, directors Ryan Stokes and Peter Gammell.
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