Nine, who acquired Australian Community Media (ACM) in its merger with Fairfax in late 2018, announced on Tuesday the sale process had found a buyer in former Domain chief executive Antony Catalano and Thorney Investment Group.

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The new owners paid $115 million in cash and $10 million in advertising to Nine for the company, beating out rival bids from equity firms Allegro Funds and Anchorage Capital Partners.

ACM staff were told on Tuesday morning.

"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," Nine chief executive Hugh Marks 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."

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ACM includes regional NSW publications the Narromine News, Nyngan Observer, Parkes Champion Post, Forbes Advocate, Blayney Chronicle, Cowra Guardian, Central Western Daily and Western Advocate, as well as the Liberal among its 160 titles nationally.

The group also includes two other metropolitan titles in The Canberra Times and Illawarra Mercury and agricultural publications The Land, Stock and Land and Queensland Country Life.

Mr Catalano has a colourful history with Fairfax.

He was made redundant by the company in 2008 then founded The Weekly Review, a free colour property magazine that started winning business from The Age.

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In 2011, he sold half of the classified advertising business to Fairfax for $35 million and became Fairfax's Domain chief in 2013.

He left Fairfax in early 2018 amid accusations of a sexist, party-boy culture at Domain's Melbourne office.

Later in the year, he tried to scuttle Fairfax's merger with Nine before emerging as the favourite to take over Nine's regional newspapers with Thorney billionaire Alex Waislitz.