This study took live stream policy network for example and explored the mutual interaction of ministries and commissions, local governments, web self-discipline alliance, live video platform, media organization and the public in this policy progress, by comprehensively applying research methods such as text analysis, policy process trace and depth interview. Consequently, we analyzed the integration and gambling between the thought of the party leading the media and the logic of platform governance and development of cultural industries under the background of media convergence. And on this basis, we put forward the co-governance mode of live video. This study found that it is necessary to introduce the perspective of policy network analysis in our country’s new media governance research. By analyzing the behavior, discourse and motivation of different actors in the policy network, we can attract a wider range of stakeholders to participate in the policy process to achieve the multiple collaborative governance of new media.