(Image: AAP/Joel Carrett)

The COVID-19 crisis could very well change the structure of all Australian broadcast media.

The virus has already triggered a cut in ad spending, which will deepen in coming months as business activity slows. It's impacting media and other businesses across the board, and there could be ownership changes similar to CBS' takeover of Ten in late 2017.

But the most likely bidders for embattled Australian media companies or new sports rights deals are also the most exposed to the financial ravages the virus is already generating.