As a case study of Taiwan's television industry, this paper first takes a close look at the hard times that Taiwan's economy and its television industry have struggled through. The yearly decline of labor cost per output further highlights some deep structural crises. With the moves toward media liberalization and globalization, Taiwan's television industry is now being restructured to overcome lingering capitalist crises. Among restructuring efforts, there are four strategies that are particularly crucial for capital realization and accumulation: financial leverage, cost control, niche repositioning, and policy cooperation. The overall restructuring processes are evaluated in terms of media commodification and ownership concentration. The paper confronts the consequence, of media restructuring with some strong questioning: Increasing media competitive capability for whom? And what will a dominant commercial-oriented media oligopoly do to the welfare of media workers as well as the prosperity of pluralistic democracy.