"media situation" is correct and usable in written English.
You can use it to refer to the current state of the media, especially in a political context. For example, "The media situation in the country has become more volatile in recent years."
The repugnant hounding the reviled: that's the Beltway media situation in a rancid nutshell.
One of the reasons is because the current media situation in Russia is inhospitable to them.
"The Media situation has implications for lots of communities," said Ms. Callahan, whose group, based in Washington, monitors such policies.
The majority of the 119 journalists and former journalists questioned thought the media situation was "extremely bad", citing a lack of government support, an unsustainable economic model and an absence of quality journalism.
Zeljko Ivanovic, the paper's managing editor says that the media situation in the country is dire and that the attacks are messages from people connected to orgainised crime which in Montenengro have always been believed to overlap with political interests that "they are stronger than the state" and thus Vijesti's reporting about such issues is pointless.
IDF saying airstrikes are to increase November 15 , 2012Updated at 8.56am GMT 8.49am GMT Israel sets up 'social media situation room' In the context of the last update, there is an interesting article on Israel National News about how Israel set up a situation room to "communicate to the rest of the world in real time what exactly is happening in the new IDF operation".
And, through most media situations, he could.
I certainly recognize that there are times when 140 characters just won't do the job (this blog post, for instance), but for most social media situations, it certainly allows you enough of a runway.
"It's a classic new-media situation, where people are working out the models as they go along," he said.
In the media, this situation is often referred to as a "brokered convention" — but that's a misnomer, because there are no convention brokers.
Money buys name recognition, an especially rare commodity in New Jersey, which has no statewide media, a situation that relegates even long-serving politicians like Mr. Franks to anonymity.
