1. A non-transitory computer-readable storage medium including instructions that, when executed by a processor, cause the processor to perform the steps of: receiving high-definition range (HDR) media content; downsampling, by a color conversion application executing on a computer processor, first color space values associated with a given pixel of the HDR media content to generate downsampled color space values associated with the given pixel; upsampling, by the color conversion application, the downsampled color space values to generate second color space values associated with the given pixel; modifying, by the color conversion application, at least one component value included in the downsampled color space values based on a first component value included in the first color space values, a second component value included in the second color space values, and an approximation of a nonlinear transfer function; and generating color-corrected HDR media content based on the modified at least one component value.