If your Master server's name is just a hostname (not fqdn) then that's ok, you can change both domain and IP address.
If it is not, this can be tricky.

Agree with Mouse. Symantec offer this action as a separated feature and want mony for it:seer.entsupport.symantec.com/docs/267137.htm
But if you have a server for test you can try to do it and tell us :)

  Well Mouse, you have stumbled upon the real question now, haven't you.
  It seems that everywhere you look ....in /(installDir)/netbackup/bp.conf or anywhere else, just the hostname is listed. No IP address and no FQDN. Therefore, it should seem that just changing the domain and IP via file edits or sys-unconfig should allow us to connect the Media Server to the new network and go. We have firewall rules in place for all of our clients (regardless of domain they are in), the /etc/host files have correct IP and fqdn of all the clients, DNS is correct for both domains... we should be good.
  Yet there is still the hesitancy because of how Symentac (Vertias) has discussed how difficult it is to change hostnames. That tells me that these hostnames are imbedded thoughout the datafiles and config files.  What Symantec is not discussing in those threads is just how imbedded is the domain name and IP addess of the master server.