This chapter argues that although the broadcast policymaking processes in Bangladesh has apparently become more inclusive and dynamic as it now allows multiple stakeholders to participate, the media policymaking processes remain top-down, class-biased and dominated by a handful of political and business elites that we term as politico-commercial nexus. It also argues that such politico-commercial nexus is not only influencing the television channel licensing practices but also actively taking part in policymaking processes to influence its outcome. In order to establish these arguments, the chapter provides a brief overview of broadcasting in Bangladesh, and subsequently points out the areas of crises where policy-reform interventions are deemed crucial. It refers to two key policy documents in the areas of television and radio, the National Broadcasting Policy, 2014 and the Bangladesh Community Radio Policy, 2008. The chapter also discusses communication policymaking from the perspective of the Global South, taking Bangladesh as a casestudy to reconcile these two prominent views of media reform.