Broadcaster MediaWorks is in merger discussions with state broadcaster TVNZ, according to reports in Australian media.
The Australian today reported MediaWorks' acting chief executive David Chalmers was also seeking meetings with Australian companies.
MediaWorks was taken over by vulture fund Oaktree Capital last year after the company had been tipped into receivership by banks seeking to cut loose hundreds of millions of dollars in losses.
The talks come against a backdrop of blockbuster consolidation deals in the media industry. Sky Network Television and Vodafone last week announced a $3.4 billion plans, following an announcement that newspaper publishers Fairfax NZ and NZME were proposing to combine operations.