MikeAqua:
The problem is not that these companies are too small. It's that their products are very poor. Place one turd on top of another turd, it still isn't an appealing product.
Poor quality media still attracts eyeballs but it doesn't attract paying subscribers. The commercial model of dumbing down content to save money works well in a buoyant advertising market, but the problem now is that the advertising dollar has been spread too thin and subsequently decimated by the pandemic situation. That's why NZME, Stuff and, to a lesser extent, Mediaworks are in a very precarious position.
It wouldn't be so bad if they had a decent income stream from subscriptions.