High on Mr Warburton's wishlist is no doubt to grow Seven's undernourished digital presence,particularly in the growing subscription streaming services space,with broadcast video on demand revenue for catch-up app 7plus up 43.6 per cent year-on-year to $61 million.

He has also said he wants the business to be"cross-platform"and remain focused on content. It’s very similar to the reasons given by Nine Entertainment Co chief executive Hugh Marks when taking over Fairfax Media late last year.

It is also why Seven came close to its own merger with Fairfax at the time and why it has since been the subject of speculation about a possible deal between the free-to-air broadcaster and News Corp or its pay-TV arm Foxtel.

However,a bigger clue to what Mr Warburton is planning for the coming months might be in comments he made toThe Sydney Morning Herald andThe Age in early-August.

Mr Warburton flagged the most likely companies to be caught up in consolidation as "media orphans".

While he wouldn't detail which specific businesses he considered to be ripe for mergers and takeovers the descriptor easily fits radio network HT&E and Seven's regional affiliate Prime Media Group among others.

But can these businesses deliver Mr Warburton what he needs to turn Seven around,namely a digital strategy and earnings growth? And can they even be done?

Seven's share price is currently at a low 40c compared to $1.06 at the same time last year,which makes a scrip deal difficult. The business is also still carrying total net debt at $589 million,on first half results,albeit down 6.2 per cent.

As one media executive said,on the condition of anonymity:"His issue is the existing debt load. He probably can't borrow but he could do an all or part scrip deal with someone. He needs a business that will add to the top line and EBITDA and have synergies. And he needs it quick."

As that same executive said,it's a"real puzzle"what deals actually fit this description.