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This presentation is prepared for the ICA 2011 Virtual Conference (icavirtual.com). It looks into the network mechanisms which underlie the three major parts of the media system: the industry, the content and the audience. The goal is to identify key theoretical frameworks that can be used to explain the formation and dissolution of ties in each of those three areas. The full paper can be downloaded at www.kateto.net/research. It provides relational interpretation of classic media studies theories and advocates for the use of a network approach to their application in research.