Top former news editors Mark Jennings and Tim Murphy want to strike out on their own and start their own news site.
The men told Stopress.co.nz they would be combining their efforts to start a media consultancy business, and announced plans to build their own news website.
Mr Murphy said the site would focus on "stories that matter" rather than getting clicks.
However Mr Jennings made it clear the website had not yet been launched, and everything was still undecided.
Funding for the project could come from corporate backers, advertising, or other investors, Mr Jennings told Stoppress.co.nz.
In February Mediaworks announced Mark Jennings would leave his role as group head of news, to be replaced by Hal Crawford.
Mr Jennings had been with the company since 1989, spending the bulk of his career at TV3 and building a brand to take on dominant TVNZ.
He helped construct Campbell Live and the 3D investigative programme, both of which were cut before his resignation.
His departure meant there were no longer any journalists in the senior management team at Mediaworks.
Former New Zealand Herald editor-in-chief Tim Murphy stepped down from his role last June after 30 years with the publication.
With Stuff.co.nz's parent company Fairfax NZ and the New Zealand Herald''s parent company NZME now looking at a potential merger, there could well be a bevy of talented journalists looking for a new berth.
Mr Murphy tweeted after the announcement of the potential merger he expected 750 of the companies' 3000 combined staff could go.