They way I see it, media is a result of economics and business decisions. Companies will produce media and advertisements if it fits this example. A modern day model of this phenomena is represented by Chris Anderson's the "The Long Tail." In "The Long Tail," Anderson describes the current scenario of the internet affecting the way media operates. One of the key components that differs from our modern day media is that the overhead costs for some digital goods have substantially decreased. This has lead to more availability of digital goods, ex. numerous YouTube videos when compared to the amount of TV shows available to us.
So back to the original question, who owns the media? Well, in terms of capital.... then corporations own the media. However the content of the media has to be up to par for consumers to be interested in watching it. Given this phenomena, then individuals own the media.
It really comes down to what you believe. In my opinion, Corporations are controlling the media through subtle directions. For example, there are numerous copyright violations on Youtube if you use a song that someone else made. If the media was truly owned by the people, then this would not happen.
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