Profitability is an important indicator to estimate the level of media convergence and is linked to the successful transition of traditional media. This paper，taking value chain as a theoretical view，analyzes the main problems existing in nowadays profit models related to media convergence with four aspects of value chain，namely positioning，extending，decomposing and integrating. These problems include unclear positioning，insufficient extending and blind integrating in value chain. Based on three links to media value chain，namely product，user and advertisement，the paper concludes several innovation paths of profit models through typical cases at home and abroad，so as to offer some advice which is suitable to the media’s own positioning in the process of media convergence. <<