The owners of television network Nine Entertainment are meeting bankers to seek more time to pay off debts of more than $2.7 billion.

Analysts predict the owners, private equity firm CVC Asia Pacific, will get short shrift, which means the network is one step closer to a crisis not seen since entrepreneur Alan Bond took Nine to the brink of financial ruin.

Shareholder activist Stephen Mayne says TV network owners have a habit of borrowing too much money.

That, in hindsight, seems to be the problem besetting Nine.

"In the early 1990s all three networks were owned by the banks... these things come and go and ultimately they are profitable businesses," Mr Mayne said.

"Sometimes the owners get into trouble because they borrow too much money."

A few weeks ago Channel Seven owner Kerry Stokes was predicting that within a year the business would be owned by the banks.

Media analyst Roger Coleman from CCZ Equities agrees, saying there have simply been too many lean years in the business cycle for CVC.

"It is essentially CVC who have got to cop it," Mr Coleman said.

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"There is no other way out other than to refloat and regear it."

Nine is hoping for a two-year extension of the debts, but Mr Coleman says it is unlikely given the current uncertain economic climate.

He says while there are some assets that could be sold, including Ticketek and Acer Arena, CVC would have to keep the media businesses - website NineMSN, magazine publisher ACP and Channel Nine - together.

"The bankers have got to work out what the value is if they try and float it on the market, which is one choice, and on our assessment using an interest cover of four times, they are going to get no equity back and the lenders have to take a 10 per cent haircut," Mr Coleman said.

The media industry is suffering across the board; revenues are weak, and the internet is gobbling up ads, content and customers.

"Fairfax shares have fallen from more than $5 to less than $1 because the value of their newspapers have gone through the floor," Mr Mayne said.

"News Limited is trying to cut 15 to 20 per cent from its cost base on newspapers in Australia.

"So anything which is printed around the world has been smashed by the internet as advertising moves online and circulation and sales fall."

But Mr Mayne says clearly there is just too much debt on CVC's books.

"Banks will take over and they may and try and float the business, break it up, or sell it off to try and recover as much of their $2.7 billion in debt as possible," Mr Mayne said.