The Broadcasting Act 1996 allows a list of sporting and other events of national importance to be drawn up, with the aim of giving them the widest possible broadcast coverage.

The current list, which includes events like the Olympics, Paralympics, the World Cup, the FA Cup final and Wimbledon, was compiled in 1998.

The review has been launched after it was announced earlier this month that the European Broadcasting Union (EBU) would not be bidding for the rights to host the Olympics after 2012, meaning that a satellite channel could join forces with a free-to-air channel, like ITV, to bid against the BBC, which has shown every Games since London in 1948.

Burnham said: "The Beijing Olympic and Paralympic Games this summer, when the whole nation came together to watch our fantastic medal success, showed just how important the broadcast of big sports events is.

"In a multi-channel age, they allow us to share a moment as a country.

"They also get young people inspired by sport, driving sports participation and the creation of the next generation of sports stars.

"But the sale of TV rights helps fund grassroots sport, so we need to get the balance right.

"We also need to make sure that, in a changing world, the protected list is kept up to date."

The review will cover three main areas, including the principle of having a list, the criteria against which events may be listed the content of any list itself.

Davies said: "My working life has been dominated by careers in broadcasting and sport, and I remain passionate about both.

"Twenty-two years in broadcasting gave me a diverse experience which enabled me to work ultimately at a senior level in news, current affairs and sports journalism.

"Then another 13 years inside sport itself confirmed to me how much the public cares about not just football but so many other sports too.

"I was proud to work closely with the British Olympic Association in the years leading up to the successful London Bid for the Olympics.

"I remain first and foremost a sports fan.

"It was against this background that, when I was offered this opportunity, I found it irresistible.

"I go into the review with an open mind, and well aware of a rapidly changing broadcasting landscape, with both free and pay channels competing.

"It will be essential to recruit a panel from as wide a spectrum as possible, and certainly to ensure that the views of all the nations that make up the UK are represented.

"We will want to hear from the wider public as well as the various governing bodies and broadcasters.

"I have been asked by the Secretary of State to act speedily and intend to do so."

The current list is divided into two groups - group A which protects live coverage, and group B which protects highlights.

Davies will now appoint an advisory group which will include sporting, broadcasting and wider business expertise.

The group will also have a perspective from the devolved nations.

The review process will include consultation with broadcasters, rights holders and the public, and is expected to report by the second half of 2009.