Southern Cross Media Group may buy parts of the Australian Community Media (ACM) network including The Illawarra Mercury, The Canberra Times, Newcastle Herald, its subscription news websites and agriculture division.

ACM co-owner Anthony Catalano told ACM staff in an email, "Should the proposed transaction proceed it will create a dynamic multimedia company across audio, digital, print and TV."

"It would also include Australia's leading agricultural media business. It would mean that [co-owner] Alex Waislitz and I would become substantial shareholders of SCA.”

Southern Cross owns the Hit and Triple M radio networks and dozens of regional stations, while ACM describes itself as Australia’s largest independent publisher.

Mr Catalano said the process was, "expected to be relatively short, with all parties aiming to have a decision by the end of June".

Mr Catalano said no redundancies would be offered while Southern Cross considered the deal.

“If the proposal proceeds, only those staff whose jobs are directly impacted will be offered redundancy if no suitable redeployment options are available,” he said.

"In the merged entity, our editorial content will be more important than ever, and it will now be able to be shared across multiple platforms to a huge network of regional and metropolitan audiences," Mr Catalano said.

"And, most importantly, the merged entity will greatly improve our marketing capabilities that will drive digital subscription growth, as well as growth in LiSTNR and both organisations' traditional assets,” he said.

Once part of the former Fairfax Media group that was absorbed into Nine Entertainment in 2018, ACM has been privately owned since July 2019 by Mr Catalano and business partner Mr Waislitz's ASX-listed Thorney Investment Group.