The ongoing speculative partnerships, separations and mergers between the Australian Radio Network (ARN), Southern Cross Media Group Limited (SCA), Anchorage Capital Partners (ACP) and now regional publishing group Australian Community Media (ACM) is starting to feel a little like watching Neighbours.

The Australian Financial Review (AFR) published a report last night (subscription required) saying that Antony Catalano, the chair of ACM, and his business partner Alex Waislitz, had officially proposed a merger with SCA which would further act to thwart ARN and ACP’s ambitions of acquiring it.

SCA responded to the AFR article with an ASX release, which Radioinfo has read, confirming ACM’s proposal, saying it was “unsolicited” and would mean an exchange of ACM assets in return for SCA shares. The release concludes with SCA saying that its advisors are still reviewing the indicative proposal of ARN and ACP.

We shall await next week’s episode, and who next may propose to whom.