The media has been described by both scholars and practitioners as the Third Estate of the Realm” suggesting that media plays an important role in the administration of democratic system of government. However, often the media become enmeshed in activities that compromise their expected role in the society. This paper is an appraisal of the extent to which the media in Nigeria has been compromised particularly focusing on the ownership structure and its implications for national development. The objective of the study is to examine the contemporary Nigerian media in the light of its expected responsibility in the development of Nigeria’s socio-political and economic system. Data for the study is generated from secondary qualitative sources while analysis is descriptive. Structural-functionalism theory constitutes the framework for our analysis. Among others, the paper concludes that the Nigerian media has failed in its responsibility given the unreasonable influence of proprietors of both private and public media outfits on their activities and to that extent constituted a set-back to her national development. It recommends among others, that government should make laws that forbids and punishes media organizations and individuals who on account of compromise falsify information in an attempt to realize a political advantage for a contending party or individuals.