
The panel members are Assoc Prof Jumpol Rodkhamdee, Saksit Viboonsinsophon, Sawit Bamrungsuk, Saree Ongsomwang and Jakkrit Waewklaihong.
It was given 30 days to report its findings back to the council.
The council also acknowledged the withdrawal of Matichon newspaper from its membership in protest against its conclusion regarding the bribery scandal. Matichon reporters were among those named as beneficiaries of the alleged bribes.
Pheu Thai deputy spokesman Wim Rungwattanajinda was accused of sending an e-mail to his boss, saying he had paid Bt20,000 each to some journalists in exchange for giving priority coverage to Yingluck Shinawatra during her election campaign.
The council resolved to formally thank Nation Multimedia Group, one of its members, for confirming in writing its intention to strictly abide by the council's code of ethics.