Australian Community Media (ACM) has increased its shareholding in Prime Media Group to 19.99%.
ACM announced today it has received approval from the Australian Communications and Media Authority (ACMA), which is needed because the interest is over 15% which is considered to be a controlling interest under the Broadcasting Services Act 1993.
“We are pleased that ACMA has given the green light to our higher stake in PRT,” says ACM executive chairman Antony Catalano.
“We look forward to working collaboratively with the ACMA to ensure that ACM meets the requirements of the Act.”
Following its increased interest in Prime Media, Catalano says the media company is also pushing for further media legislative change.
Catalano is requesting the government update the Broadcasting Services Act of 1992. Without the legislation being updated, ACM says it will be required to sell its daily newspapers the Bendigo Advertiser and Wagga Wagga’s The Daily Advertiser.
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