The article asks what shape democracy takes in a society where mass and electronic media play an essential role in establishing the public sphere. It shows that the possible advances in democratization or dangers for democracy identified in a media-shaped political public sphere differ considerably depending on the underlying concept of democracy (liberal, deliberative, or participatory) and the corresponding models of the public sphere. Adequately outlining the complex contours of a "media democracy" ultimately requires adopting the standpoint of a "second order theory of democracy". If we leave threat scenarios inspired by cultural pessimism aside, the constructive purpose involved in the formula of "media democracy" is that it provides a communication platform with connecting points for various approaches in political sciences, thus keeping the debate going.