Added a template file to override the media pane render output.

<?php

/**

 * @file

 * A basic template for media_block entities

 *

 */

// Get field values;

$entity = $elements['#fieldable_panels_pane'];

$media_pane_link = $entity->media_pane_link[LANGUAGE_NONE][0]['value'];

$media_pane_link_text = array(

  'path' => $entity->media_pane_link_text[LANGUAGE_NONE][0]['value'],

  'options' => array(

    'attributes' => array(),

  ),

);

$media_pane_overlay = $entity->media_pane_overlay[LANGUAGE_NONE][0]['value'];

$media_pane_overlay_text = $entity->media_pane_overlay_text[LANGUAGE_NONE][0]['value'];

// Check the link path has been set

if (!$media_pane_link_text) {

  $media_pane_link = FALSE;

}

// Create overlay markup

if ($media_pane_overlay && $media_pane_overlay_text) {

  $content['media_pane_overlay'] = array(

    '#weight' => 99,

    '#prefix' => '<h5 class="overlay">',

    '#markup' => $media_pane_overlay_text,

    '#suffix' => '</h5>',

  );

}

?>

<div class="<?php print $classes; ?>"<?php print $attributes; ?>>

  <?php print render($title_suffix);

  if ($media_pane_link) {

    $media_pane_link_text['text'] = render($content);

    $media_pane_link_text['options']['html'] = TRUE;

    $output = theme('link', $media_pane_link_text);

    dpm($output);

    print ($output);

  }

  else {

    print render($content);

  }

 ?>

</div>