diff --git a/cms/djangoapps/modulestore_migrator/tasks.py b/cms/djangoapps/modulestore_migrator/tasks.py
index 1c4736a3d76a..c65c8af0c59c 100644
--- a/cms/djangoapps/modulestore_migrator/tasks.py
+++ b/cms/djangoapps/modulestore_migrator/tasks.py
@@ -959,16 +959,18 @@ def _migrate_component(
         return component.versioning.draft.publishable_entity_version, None
 
     # If component existed and was deleted or we have to replace the current version
-    # Create the new component version for it
-    component_version = libraries_api.set_library_block_olx(target_key, new_olx_str=olx)
+    paths_to_media_ids = {}
     for filename, media_pk in context.content_by_filename.items():
         filename_no_ext, _ = os.path.splitext(filename)
         if filename_no_ext not in olx:
             continue
         new_path = f"static/{filename}"
-        content_api.create_component_version_media(
-            component_version.pk, media_pk, path=new_path
-        )
+        paths_to_media_ids[new_path] = media_pk
+
+    # Create the new component version for it
+    component_version = libraries_api.set_library_block_olx(
+        target_key, new_olx_str=olx, paths_to_media=paths_to_media_ids,
+    )
 
     # Publish the component
     libraries_api.publish_component_changes(target_key, context.created_by)
diff --git a/openedx/core/djangoapps/content_libraries/api/blocks.py b/openedx/core/djangoapps/content_libraries/api/blocks.py
index 33cfeff297b6..892bc3a62b28 100644
--- a/openedx/core/djangoapps/content_libraries/api/blocks.py
+++ b/openedx/core/djangoapps/content_libraries/api/blocks.py
@@ -399,7 +399,11 @@ def get_library_component_creation_entry(
     )
 
 
-def set_library_block_olx(usage_key: LibraryUsageLocatorV2, new_olx_str: str) -> ComponentVersion:
+def set_library_block_olx(
+    usage_key: LibraryUsageLocatorV2,
+    new_olx_str: str,
+    paths_to_media: dict | None = None,
+) -> ComponentVersion:
     """
     Replace the OLX source of the given XBlock.
 
@@ -407,9 +411,19 @@ def set_library_block_olx(usage_key: LibraryUsageLocatorV2, new_olx_str: str) ->
     very little validation is done and this can easily result in a broken XBlock
     that won't load.
 
+    The optional ``paths_to_media`` parameter can be used to attach
+    openedx_content Media to this XBlock. A common use case for this would be to
+    add images or other static assets to a text block::
+
+      figure_a_media = content_api.get_or_create_file_media(...)
+      paths_to_media={
+          'static/figure_a.png': figure_a_media,
+      }
+
     Returns the version number of the newly created ComponentVersion.
     """
     assert isinstance(usage_key, LibraryUsageLocatorV2)
+    paths_to_media = paths_to_media or {}
 
     # HTMLBlock uses CDATA to preserve HTML inside the XML, so make sure we
     # don't strip that out.
@@ -446,7 +460,7 @@ def set_library_block_olx(usage_key: LibraryUsageLocatorV2, new_olx_str: str) ->
     now = datetime.now(tz=timezone.utc)  # noqa: UP017
 
     with transaction.atomic():
-        new_content = content_api.get_or_create_text_media(
+        new_olx_media = content_api.get_or_create_text_media(
             component.learning_package_id,
             get_or_create_olx_media_type(usage_key.block_type).id,
             text=new_olx_str,
@@ -456,7 +470,8 @@ def set_library_block_olx(usage_key: LibraryUsageLocatorV2, new_olx_str: str) ->
             component.id,
             title=new_title,
             media_to_replace={
-                'block.xml': new_content.pk,
+                **paths_to_media,
+                'block.xml': new_olx_media.pk,
             },
             created=now,
         )
@@ -606,11 +621,7 @@ def _import_staged_block(
             created_by=user.id,
         )
 
-        # This will create the first component version and set the OLX/title
-        # appropriately. It will not publish. Once we get the newly created
-        # ComponentVersion back from this, we can attach all our files to it.
-        component_version = set_library_block_olx(usage_key, olx_str)
-
+        paths_to_media = {}
         for staged_content_file_data in staged_content_files:
             # The ``data`` attribute is going to be None because the clipboard
             # is optimized to not do redundant file copying when copying/pasting
@@ -657,17 +668,18 @@ def _import_staged_block(
                 media_type_str = "application/octet-stream"
 
             media_type = content_api.get_or_create_media_type(media_type_str)
-            content = content_api.get_or_create_file_media(
+            media = content_api.get_or_create_file_media(
                 learning_package.id,
                 media_type.id,
                 data=file_data,
                 created=now,
             )
-            content_api.create_component_version_media(
-                component_version.pk,
-                content.id,
-                path=filename,
-            )
+            paths_to_media[filename] = media.id
+
+        # This will create the first component version and set the OLX/title
+        # appropriately. It will not publish. Once we get the newly created
+        # ComponentVersion back from this, we can attach all our files to it.
+        set_library_block_olx(usage_key, olx_str, paths_to_media)
 
     # Now return the metadata about the new block
     return get_library_block(usage_key)
@@ -1087,7 +1099,13 @@ def _create_component_for_block(
         component_type = content_api.get_or_create_component_type(
             "xblock.v1", usage_key.block_type
         )
-        component, component_version = content_api.create_component_and_version(
+        block_olx_media = content_api.get_or_create_text_media(
+            learning_package.id,
+            get_or_create_olx_media_type(usage_key.block_type).id,
+            text=xml_text,
+            created=now,
+        )
+        _component, component_version = content_api.create_component_and_version(
             learning_package.id,
             component_type=component_type,
             component_code=usage_key.block_id,
@@ -1095,17 +1113,9 @@ def _create_component_for_block(
             created=now,
             created_by=user_id,
             can_stand_alone=can_stand_alone,
-        )
-        content = content_api.get_or_create_text_media(
-            learning_package.id,
-            get_or_create_olx_media_type(usage_key.block_type).id,
-            text=xml_text,
-            created=now,
-        )
-        content_api.create_component_version_media(
-            component_version.pk,
-            content.id,
-            path="block.xml",
+            media={
+                'block.xml': block_olx_media
+            }
         )
 
         return component_version
diff --git a/requirements/constraints.txt b/requirements/constraints.txt
index b5edefc436f6..5f4a7a515ccb 100644
--- a/requirements/constraints.txt
+++ b/requirements/constraints.txt
@@ -65,7 +65,7 @@ numpy<2.0.0
 # breaking changes which openedx-core devs want to roll out manually. New patch versions
 # are OK to accept automatically.
 # Issue for unpinning: https://github.com/openedx/edx-platform/issues/35269
-openedx-core<0.47
+openedx-core<0.48
 
 # Date: 2023-11-29
 # Open AI version 1.0.0 dropped support for openai.ChatCompletion which is currently in use in enterprise.
diff --git a/requirements/edx/base.txt b/requirements/edx/base.txt
index 01b8e02103f6..d6ff2d082a96 100644
--- a/requirements/edx/base.txt
+++ b/requirements/edx/base.txt
@@ -840,7 +840,7 @@ openedx-calc==5.0.0
     # via
     #   -r requirements/edx/kernel.in
     #   xblocks-contrib
-openedx-core==0.46.0
+openedx-core==0.47.0
     # via
     #   -c requirements/constraints.txt
     #   -r requirements/edx/kernel.in
diff --git a/requirements/edx/development.txt b/requirements/edx/development.txt
index fd45f0164de7..c7c3f9c19aec 100644
--- a/requirements/edx/development.txt
+++ b/requirements/edx/development.txt
@@ -1394,7 +1394,7 @@ openedx-calc==5.0.0
     #   -r requirements/edx/doc.txt
     #   -r requirements/edx/testing.txt
     #   xblocks-contrib
-openedx-core==0.46.0
+openedx-core==0.47.0
     # via
     #   -c requirements/constraints.txt
     #   -r requirements/edx/doc.txt
diff --git a/requirements/edx/doc.txt b/requirements/edx/doc.txt
index 34a2516e92ee..627922a4f53e 100644
--- a/requirements/edx/doc.txt
+++ b/requirements/edx/doc.txt
@@ -1018,7 +1018,7 @@ openedx-calc==5.0.0
     # via
     #   -r requirements/edx/base.txt
     #   xblocks-contrib
-openedx-core==0.46.0
+openedx-core==0.47.0
     # via
     #   -c requirements/constraints.txt
     #   -r requirements/edx/base.txt
diff --git a/requirements/edx/testing.txt b/requirements/edx/testing.txt
index 77a3f6ef7d9d..78d1d86cdef0 100644
--- a/requirements/edx/testing.txt
+++ b/requirements/edx/testing.txt
@@ -1065,7 +1065,7 @@ openedx-calc==5.0.0
     # via
     #   -r requirements/edx/base.txt
     #   xblocks-contrib
-openedx-core==0.46.0
+openedx-core==0.47.0
     # via
     #   -c requirements/constraints.txt
     #   -r requirements/edx/base.txt