The independently owned Australian Community Media group will conditionally acquire a further five per cent share of the Prime Media Group, taking its share of the regional broadcaster to 19.99 per cent.
The acquisition was described by ACM executive chairman Anthony Catalano as an "exciting investment".
The Prime Media Group produces news bulletins for the NSW Central West, New England, north west region, the north coast, Wagga Wagga and the Riverina, and Albury-Wodonga.
Among the biggest NSW print and digital mastheads in the ACM group are The Canberra Times, The Illawarra Mercury in Wollongong, The Newcastle Herald and The Border Mail in Albury Wodonga.
ACM also owns a raft of smaller regional titles throughout regional NSW.
Mr Catalano said 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," Mr Catalano said.
"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."
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