The review of the regional publisher was undertaken after former Domain chief executive Antony Catalano and Thorney Investments chairman Alex Waislitz bought the business from Nine, publisher of The Australian Financial Review, in a deal worth $125 million, which completed at the end of June.

The 'Port Macquarie News' & 'Port Express' where part of that deal.

Sources said ACM will reduce the number of managing editors it has across its daily newspapers from five to one.

Changes to ACM's sales executive ranks have led to the exit of digital sales director Jason King, national sales director Penny Kaleta and head of digital commercial product and operations Luke De Landelles.

The sales changes follow a review by chief revenue officer Tony Kendall, who joined the company in August.

Executives from the agricultural leadership team, including head of agricultural publishing John Warlters, agriculture managing editor Brad Cooper have also left the business.

"We're four months into the business, you would expect we've had our knees under the desk for long enough to review the business and make some changes we think are in the best interest of creating a sustainable environment," Mr Catalano said.

"No one should be surprised we're making some changes; in some areas we're adding resources and some areas we're removing. We're changing our sales structure and we're investing in acquisitions like the Bendigo Weekly, which has been merged with the Bendigo Advertiser to create much more efficient business and significantly improved offering for readers and advertisers."

Mr Catalano also pointed to the 12.89 per cent stake he acquired in Prime Media as part of his investment in regional media.

ACM is understood to be looking for around $7 million in cost savings. ACM is understood to be canvassing consultants to help identify cost savings and rationalisation opportunities at the company's print sites.

In August, former Here, There & Everywhere chief revenue officer Tony Kendall was brought into the same job at ACM. Mr Kendall was tasked with a review of the regional publisher's operations. At the time, ACM managing director Allen Williams said Mr Kendall's review would sharpen and build on existing strengths and capabilities in sales by examining operations, structure, skills and resourcing.

Mr Catalano owns 50 per cent of the venture, putting $57.5 million of his own money into the deal. His friend and investment partner Alex Waislitz took 25 per cent via his ASX-listed Thorney Opportunities, and a further 25 per cent by the privately owned Thorney Group for a combined $57.5 million.

Since taking control of ACM Mr Catalano was been vocal in his push for the government to loosen media ownership restrictions, particularly in regional Australia.

"If there isn’t change, regional Australians will be living in the dark when it comes to news and information," he told the Australian Financial Review in September. "There just won’t be suppliers. You can’t have this multitude of players all trying to do the same thing in a diminishing market."

Mr Catalano, along with Mr Waislitz, has built up a 12.89 per cent stake in Prime Media. He built up the stake in the regional broadcaster following Prime's merger announcement with Seven West Media.

Mr Catalano has previously said his ambition was to turn ACM into a similar business model to Nine following the Fairfax merger, with a range of different mediums to take to advertisers.

However, Seven and Prime executives have consistently said they believe Prime shareholders will vote in favour of the merger, noting there is no alternative proposal from Mr Catalano, and Seven – as Prime's metropolitan affiliate – has a change of control provision over the company.