Render a referenced node via token in field
If I understand you correctly, you are trying to render a node inside another node. 

In the past, I have used the Display Suite module to perform exactly this task.

With DS you can create custom view modes for content types. For example, for your media content type, you can create a new view mode called 'Embedded' and structure the display to include the fields you want.

Then, in your first content type, you can set the entity reference field to display a rendered entity and select the view mode you just created. The node page will display 'both' nodes as you've structured them.

Note: DS also exposes a Token view mode for you to be able to manage how the token version of a content type gets rendered. The token view mode is useful if you must use tokens (i.e. inject node into the body text), however rendering the entity just in the field formatting should cover a majority of the use cases.

DS is actually quiet deep in functionality - I use it for every build to structure content types, render html in the way I want, etc.

Hope that helps.