The Newcastle Herald will reportedly change hands by July this year after its parent company Australian Community Media was purchased by former Domain chief executive Anthony Catalano.
news.com.au reported that Mr Catalano and the Thorney Investment Group had purchased Australian Community Media from Nine who gained the company through its 2018 merger with Fairfax Media.
The publication added that the company, which oversees 170 titles, fetched $115 million and up to $10 million in advertising.
Of the titles owned by Australian Community Media, more than ten are based in the Hunter region – The Newcastle Herald, Newcastle Star, Lakes Mail, Port Stephens Examiner, Maitland Mercury, Cessnock Advertiser, Singelton Argus, Muswellbrook Chronicle, Scone Advocate, Dungog Chronicle and Hunter Valley News.
In a statement, Nine chief executive Hugh Marks said the sale was in line with Nine’s focus on digital growth.
“The sale of ACM is aligned with our strategy to exit non-core businesses and to focus on Nine’s portfolio of high-growth, digital assets,” he said.
“We will retain a commercial relationship with ACM and look forward to continuing to work with the business in areas where there are mutual benefits to both Nine and ACM.”