The consortium - which includes the Daily Record, the Dumfries and Galloway Standard and community groups - is bidding to give the region back its voice on TV.
Trinity Mirror and Macmillan Media aim to deliver a fresh, value-for-money approach as part of the government's pilot scheme to support local media in Scotland.
Bulletins would be produced entirely in Dumfries and Galloway and the Borders. At the moment the service comes from Gateshead.
Video journalists working in the heart of the region's towns and villages would provide an enhanced local news service.
The bid is supported by some of Scotland's best local and national newspapers - the Dumfries and Galloway Standard, the Galloway News and the Daily Record and Sunday Mail.
The service will have its own companion website and provide open access and multimedia training for community groups.
Sly Bailey (pictured), Chief Executive of Trinity Mirror, said: "This will give communities in the south of Scotland back their voice on TV.
"With our partners Macmillan Media, we aim to deliver an enhanced, low-cost model for the local TV news of the future."
Macmillan Media is the only independent production company to supply broadcast news for terrestrial television in the UK, providing GMTV's bulletins for Scotland and Northern Ireland.
Owner Michael Macmillan has been at the forefront of television broadcast journalism for the past three decades with ITN and the BBC.
He said: "Our combination of multimedia journalism skills will deliver the TV news service that the south of Scotland demands and deserves."
Trinity Mirror has also launched a bid for the English news pilot in the Tyne Tees and Border ITV regions, with Ten Alps and the Press Association.
