In increasingly competitive markets, media companies are forced to continuously develop new products, target new customer segments, and create new revenue streams. For the historically stable media corporations, future product portfolios are at risk of growing wilder and harder to manage. In order to maintain control over complex structures and the direction of multiple processes, an increased use of formalized, analytic methods to measure and evaluate portfolio performance is needed to help improve activities. This paper examines existing theoretical portfolio models from a corporate-level perspective to determine how well-suited they are for doing the job in the specific environmental settings facing the media business. Do they evaluate the right things? It appears that many underlying assumptions do not hold, creating a need for a more specialized perspective that takes into account both internal and external characteristics of media corporations.