Antony Catalano’s regional newspaper company Australian Community Media has put itself in the box seat to decide the future of Prime Media by lifting its shareholding to just under the 20 per cent takeover threshold.

Mr Catalano, the former Domain boss, and executive chairman of ACM, which publishes more than 170 rural and regional newspapers including The Canberra Times, combined with WIN Corp owner Bruce Gordon to thwart a bid by Kerry Stokes’ Seven West Media to merge with Prime last year.