This chapter examines the transformation of Turkey’s media industry (particularly TV channels and newspapers) in relation to the internationalization of Turkish capitalism under the neoliberal order. On the one hand, contrary to neoliberal euphoria that dismantling state control in media would result in a plural and diverse public sphere in which citizens could deliberately discuss political issues and assert their rights, neoliberalism paved the way for Turkish capitalists to concentrate and then internationalize their operations, in which the state has played a regulatory role. On the other hand, while Turkish companies’ operational diversification in industries such as banking, construction, health, tourism, mining, and energy contributed to capital accumulation and monopolization, investment in the media industry enabled media magnates to establish formidable links with political power and to profit from lucrative government contracts. In other words, while the integration of Turkish capitalism into the neoliberal economic order increased capital monopolization, which later spread to Turkey’s neighborhood, investment in the media industry played a critical role in forging a bond between Turkish businessmen and political power, as well as ensuring Turkish capitalists’ long-term involvement in diverse geographies.