There are various terms used below: fourth estate, public sphere, superinjunction, statutory regulation, concentration of ownership, liberal pluralism, Marxist critique: (Chomsky's) propaganda model, hegemonic, free market, web 2.0.
The media are regulated because (a) they are seen as having profound influence on social psychology, values and attitudes and (b) because they are seen as a basic, fundamental part of a functioning democracy. Of course, the democratic function leads some to argue that we shouldn't regulate the media - or, more specifically, that the government shouldn't have a role in this; this is a key argument used against tougher, statutory regulation of the press.
June 2014 sees news emerging of a criminal trial which the media were originally banned from reporting on, including on its very existence. The very concept of a fourth estate (or free press, where press doesn't just mean newspapers) is based on the idea that the media will hold governments and big business to account, and expose any corruption, improper or antidemocratic practices.
