Ownership has been a core research theme in parts of media and communication science since its establishment as a distinct research field. In particular, scholars in the field of political economy of the media, media sociology and media industry studies typically pay close attention to the role ownership has on various media and communication processes. In this article, we argue, however, that media ownership has been treated largely as a black box ignoring the inner workings and dynamics of it. Filling this void, we reach out to research on ownership from the field of political economy, sociology as well as social and legal philosophy to discuss two options to conceptually grasp the ‘inner workings of property’. To showcase the importance of this conceptual redefinition, the article discusses the implications of unpacking property in the realm of digital capitalism.