OK. I have by now reinstalled the theme about 6 times. As soon as I "drush pm-update" the theme breaks with error:

Fatal error: Call to undefined function media_include_browser_js() in /sites/all/themes/md_arista/theme-settings.php on line 44

on page /admin/appearance/settings/md_arista

The updates performed before breaking are:

Performed update: media_update_7219 [ok]
Performed update: media_update_7220 [ok]
Performed update: media_update_7221 [ok]
Performed update: media_update_7222 [ok]
Performed update: media_update_7223 [ok]
Performed update: media_update_7224 [ok]
Performed update: field_collection_update_7005 [ok]
Performed update: media_update_7225 [ok]
Performed update: media_internet_update_7000 [ok]
Performed update: media_update_7226 [ok]
Performed update: field_collection_update_7006 [ok]

--

I get

Warning: include_once(sites/all/modules/media/wysiwyg_plugins/media.inc): failed to open stream: No such file or directory in include_once() (line 43 of /sites/all/themes/md_arista/theme-settings.php).
Warning: include_once(): Failed opening 'sites/all/modules/media/wysiwyg_plugins/media.inc' for inclusion (include_path='.:/usr/lib/php:/usr/local/lib/php') in include_once() (line 43 of /sites/all/themes/md_arista/theme-settings.php).

on page /admin/appearance/settings/

ANY SUGGESTIONS?