Australian Community Media has acquired a further five per cent of Prime Media Group, giving the regional newspaper company a 19.99 per cent stake in the company.
The move puts ACM – which is owned by former Domain boss Antony Catalano – just below the 20 per cent takeover threshold.
Catalano and his business partner Alex Waislitz acquired the additional stake in the company after striking a deal with Bruce Gordon, who previously had an 11.59 per cent stake. Prime released a change in substantial holding announcement following the deal.
Prime Media Group produces news bulletins for NSW Central West, New England, north west region, the north coast, Wagga Wagga and the Riverina, and Albury-Wodonga.
The decision for Catalano to increase his stake in ACM is part of ACM’s continued promotion of regional journalism.
“The Prime Media Group is in a strong financial position, it is well-managed, and we believe it has an important role to play in the evolving regional media landscape,” Catalano said in a note to staff, according to The Australian.
“ACM and Prime audiences have similar interests, aspirations and goals. We hope to explore ways in which we can work more closely to ensure we continue to deliver the highest-quality journalism for regional Australians.”
According to The Australian, the latest move comes as ACM looks at a possible affiliate deal with Prime.
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