Southern Cross Australia has found itself wrapped up in another potential acquisition deal, though this time it's being propositioned as the potential buyer.

According to a note posted by SCA to the ASX, Australian Community Media (ACM) has submitted a proposal requesting the media business to acquire 14 of its daily print and digital news assets, key regional/metro titles, and its agricultural division.

It's not the first time ACM has propositioned SCA - the regional media group submitted a different acquisition proposal that was rejected in November, amidst SCA's dealings with a now defunct Consortium Proposal from ARN and Anchorage Capital Partners.

The board of SCA is now scrutinising the proposal to determine if it aligns with their strategy and could create value for their shareholders. The focus of the investigation is on the potential value in ACM’s digital capabilities and content, regional focus, and other potential synergies.

SCA has outlined that discussion with ACM is still in the preliminary stages, and would not at this stage given any indication of whether a transaction would occur.