Antony Catalano increases Prime stake ahead of Seven deal

Mr Fletcher said this week he wanted to wait until the Prime and Seven deal played out before making any major decisions about changing media ownership rules.


Seven, which revealed plans to merge with Prime in October, has faced speculation that Mr Catalano could look to derail the deal in its current form. It is not clear whether this would be blocking the deal, which under a scheme of arrangement requires approval from 50 per cent of shareholders and 75 per cent of votes cast, though sources familiar with Mr Catalano’s plans believe he is pushing for a re-shaping of the deal.

This could be to include regional newspaper business ACM, which Mr Catalano bought in July from Nine Entertainment Co for $115 million. Nine is the owner of this masthead.

Mr Catalano has publicly called on the government to scrap television spectrum licence fees in regional areas and overhaul ownership rules that limit mergers in some areas at a time when he believes there needs to be major consolidation.


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