Australian Community Media owners Antony Catalano and Alex Waislitz are set to take control of Australia's Prime Media, subject to regulator approval.

The duo - together with Catalano's wife Stefanie - have agreed to buy the 19 million, $4.245 million share held by Bruce and Judith Gordon via J.P. Morgan Nominees Australia through their own Chess Investments.

The five per cent share will increase Australian Community Media's stake in Prime to nearly 20 per cent.

An announcement to the Stock Exchange is subject to approval from the Australian Communications and Media Authority - as required under the Broadcasting Services Act - due to its potential to adversely impact media diversity.

It is the second attempt by Catalano to gain control of the regional TV business.

In 2019, Catalano increased his holding in Prime to 14.6 per cent to block a bid by Kerry Stokes' Seven West Media. Catalano already controls realestateview.com.au