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Medias relationship with all important three Estates Judiciary, Executive, Legislature, and the civil society, which is now regarded as fifth Estate (as Media is regarded as the fourth) is dynamic. Between media and society, the impact on and reaction to social happenings are mutual. The media reflects greed of globalization, needs of private bodies under privatization and hold of rich in the name of liberalization. Besides, falling honestly levels of society could be seen in the character, content and ownership of the media institutions.