Technology has brought about the convergence of media and telecommunications causing two distinct developments - consolidation of media organizations, and at the same time, the empowerment of end consumers. Thus, riding the wave of disruptive technologies, a new global economy is shaping up where end consumers are actively participating in the transformative process, leading media firms to devise unconventional business strategies to face newer market forces. Consumer Agency has then completely altered the media economy value chain, and is a major impacting factor in the way the media industry is conducting its business today. Designed to explore the emerging dynamics between the media industry and media consumers, this study finds that while consolidation is a market imperative and advantageous to the businesses involved, it does not lessen consumer agency, which rides independent of market forces. Conclusions on how consumer agency is impacting media economics, and the emerging profile of the new media consumer can benefit media organizations in drawing out future business strategy; and help consumer advocacy groups in understanding media industry motives.