Newspapers were financed, for much of the 19th century, by political parties. The party controlled the editorial matter. By the end of the 20th century, there were hardly any party-affiliated newspapers left.Newspapers rely on the advertising revenue to sustain themselves. It is believed that this is better than party financing, as journalism becomes more independent. The aim is to have wider audiences for the benefit of the advertisers. This keeps the advertises happy. However, there is a tendency to adopt studied inoffensiveness, an unwillingness to speak truths not palatable to the audience. Even then the media sustained on advertising are more independent than the paty-financed media. Many advertisers support a media, and so no individual advertiser wields total power. Advertisers throw themselves to the background, and we can occasionally forget that they are there. Of late, there is concern about news that is paid for, which borders almost on advertising.

The media business is, however, not a thriving business. Media companies have reported losses. Media companies tie up with large corporates but still by themselves they are medium and small enterprises.Though the whole industry remains scattered and small, big players have slowly appeared to build new businesses. News Corporation-Star India of Rupert Murdoch, TimeWarner- Turner India, Walt Disney-Walt Disney India group and Sony-Multiscreen Media are the MNC players.

Media dependence on advertising has kept it small and will have to find new sources of sustenance to make it big. The consolidation of media interests (especially news) in the hands of a few has also been discussed. It is also to be seen whether the entry of non-media businesses will affect the media. In India, there is already cross-media ownership e.g.  a media company can operate a news channel, a newspaper, radio station and web platforms. There is a demand for an independent media regulator.