ACMA approves ACM increased stake in Prime Media

April 9, 2021 9:49

Australian Community Media (ACM) owner, Antony Catalano, has welcomed the Australian Communications and Media Authority’s (ACMA) approval of its acquisition of shares in TV company Prime Media Group.

ACMA’s announcement follows ACM increasing its shareholding in Prime Media to 19.99%, issued in an announcement on 9 March 2021. The increased shareholding required ACMA approval because it lifted ACM’s interest above 15% and is deemed a controlling interest under the Broadcasting Services Act 1992.

However, Catalano has signalled that ACM will be requesting the Federal Government to consider updating the Broadcasting Services Act of 1992, which was drafted before the existence of the internet, social media, smartphones and subscription television streaming.

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Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.