The topic of media governance shows a growing interest among scholars in the field of media studies and communication policy. The concept has been among the most influential and widespread in media and communications policy in recent years. Media governance can be regarded as a key concept – from government to governance – as well as a ‘controversial’ or even ‘failed’ concept in theory and in public policy. In this contribution, I try to scrutinize and critically evaluate the concept. Thus, although the debate has been overwhelmingly positive, some limitations of the concept are also obvious. I come to the conclusion that it neglects hierarchy, power, monopolization and corporatization of the global communication sphere and overestimates the willingness of all social actors to participate in multi-stakeholder agreements. Especially the rising big data or surveillance capitalism redistributes decisions rights and decisional power in order to marginalize actors of the civil society and ordinary people.