MediaWorks is now wholly owned by United States-based investment funds.
Oaktree Capital was this week revealed as having increased its stake in MediaWorks - parent of TV3 - to 78 per cent.
Oaktree is a "vulture fund", always on the lookout for opportunities, so it's natural to wonder whether it will stand still - or if it is already planning its next move.
Oaktree picked up the 21.9 per cent of MediaWorks held by Westpac, and the 14.6 per cent held by RBS. The purchase price has not been released, but MediaWorks' value is around $350 million, according to industry estimates the Herald sought from independent sources.
The two banks hung on after the company went into receivership, to recover some of their losses from the old, debt-laden days.
As well as Oaktree, MediaWorks is now owned by Texas Pacific Group (15.7 per cent) and Bain Capital subsidiary Minot Light APAC (6.5 per cent). Oaktree is no Johnny Come Lately: it stepped into MediaWorks in 2012, and at that time its investment was seen as a prelude to a takeover, which never came to pass.
Instead, out of pocket investors - including Oaktree and the banks - pressed for receivership, allowing MediaWorks to write off $22 million owed to Inland Revenue and get out of costly programming commitments to US studios.
MediaWorks was reborn in November 2013, and after that Oaktree decided to dig in for a controlling stake.
Can Henry deliver?
MediaWorks controls half the commercial radio sector, which in cashflow terms is the jewel in its crown, but television is a sexier proposition if chief executive Mark Weldon is to bring in new investors.
The revival of MediaWorks depends heavily on the notion of an eventual sale. If that eventuates, some of the key players will pick up lucrative fees.
The television strategy led by MediaWorks executive director Julie Christie promotes reality TV entertainment, while converging radio, TV and online activities.
Focusing on local content makes sense, but it is also expensive and may be a risky proposition. The Paul Henry radio/TV show is symbolic of the converged radio and TV strategy.
Oaktree and Weldon may well pull out all stops to find new investors, but have they waited too long? Any sale of the TV arm now would have to be based on performance, and not the promise of performance.
Still in play?
There is no shortage of speculation about mergers and acquisitions in advance of changes to Australian cross-media ownership rules. But - as is often the case - there is more interest in who might be a buyer than in who might be selling.
Seven West Media - controlled by Kerry Stokes - is owner of Aussie channel Seven, often mentioned as a potential suitor for TV3. This week Seven West raised A$200 million ($209.7 million), which is earmarked for mergers and acquisitions. Of course it could be looking closer to home, but the media sector is certainly heating up.
News Corporation this year bought a 15 per cent stake in APN News and Media, a move that has been reported in the context of Australian Government plans to relax restrictions on cross-media ownership.
Indeed, Oaktree funded the MediaWorks move from the sale of Aussie assets. Oaktree last week picked up A$640 million by cutting its stake in Nine Entertainment, owner of Channel Nine, from 14 per cent to 6 per cent.
Nine recently formed a relationship with Fairfax Media, relating to video on demand.
The Hollywood studio 20th Century Fox has attached itself as a "consenting party" to claims by four New Zealand broadcasters who are trying to halt Global Mode backdoor access to American television and movie services.
The case is being taken by Sky, TVNZ, MediaWorks and Lightbox owner Spark, against Bypass Network Services, which provides Global Mode technology, and telco CallPlus. The High Court has agreed to hear the case urgently.
In the past Sky has indicated that some United States studios have been more supportive of the New Zealand broadcasters' case than others, by challenging Global Mode operations at the US end, but Fox is the only one that has made itself a party to the action.
Each of the aggrieved New Zealand parties has deals with individual US studios. They paid for exclusive New Zealand rights, and do not want to see the value of those rights being undermined.
Each will be holding its own discussions with studios, but as one broadcaster pointed out, the case has implications for all. According to one of the parties to the case, there will a result either way. If they win, they might be able to close down Global Mode services, protecting copyright. But if the networks lose, it is bound to have an effect on their contracts with studios.
They are selling content as exclusive, but if the action fails, it will be hard for the studios to claim they are selling New Zealand broadcasters an exclusive, and justify a premium price.
Global Mode allows customers to easily get better and cheaper content through US services. The services can be reached without using Global Mode, but not so easily.
Call Plus - through its ISPs Slingshot and Orcon - has marketed Global Mode as an alternative to New Zealand-based video on demand services such as Sky's Neon and Spark's Lightbox.
With the four big broadcasters versus CallPlus, the action has David and Goliath overtones. A studio, or studios, joining broadcasters in the action would only add to that perception.
It's a challenging time for studios, who are watching as these exclusive deals break down. Some studios will be of a mind to support their customers, who still provide a lot of income for so-called exclusives, even as the idea of exclusive territorial rights comes under pressure.
They will be aware that New Zealand broadcasters could potentially challenge the premium prices they have already paid for exclusive New Zealand rights. And the reality is that exclusive rights will not be worth as much next time the deals come up for negotiation.
The intriguing aspect of all this is the role of Netflix, which recently launched in Australia and New Zealand, arguably with a very limited range of content, and which has so far taken a laissez faire approach to Global Mode and backdoor access.