Prime Media (ASX:PRT) share price unmoved as ACM tightens grip

The Prime Media Group Limited (ASX: PRT) share price was not trading today despite news that the Australian media regulator has approved Australian Community Media (ACM) obtaining a 20% stake in the company.

At yesterday’s market close, shares in the rural and regional broadcaster were trading at 21 cents each.

Let’s take a closer look at today’s news and what it might mean for the Prime Media share price.

ACM buys Prime assets

The Australian Communications and Media Authority (ACMA), approved ACMs purchase from Bruce Gordon, owner of WIN Network and third-largest owner of Nine Entertainment Co Holdings Ltd (ASX: NEC).

The purchase…