This chapter addresses the question of how people might begin to rethink media theory in the light of the decline of the mass media paradigm. It considers the usefulness of theories built around the concept of media convergence, something that has occupied a great deal of media and cultural studies thinking about new and connective media over the last decade. The chapter looks more briefly at theories of mediatisation as a means of providing a more comprehensive overview of the contemporary media that extends the focus of media theory beyond the consideration of new media and the digital. In some ways extending the critique of 'digital optimism' this chapter asks how people might reconfigure theories of media power in the current conjuncture. It discuses whether media and cultural studies have sufficiently confronted the implications of the increasing commercialisation of the media, and its effect on the character of the interests served by the deployment of the media's symbolic power.