The implementation of Korea’s media governance model is a unique case that shows how industrialization, democratization, and informatization, under the influence of globalization, have developed the nation’s media ecosystem. This process has slowly progressed during the last 37 years, dating from 1980 up to 2017, but it has not been easy. The key point was how to balance public interest protection and industry growth. On the one hand, media regulation has been eased and media independence expanded. On the other hand, public opinion diversity has been protected by a media diversity index and audience-share regulation. Civil society participation in media policy-making processes and media operations has grown. Although, in every stage, there have been fierce debates among the stakeholders, multi-stakeholder participation in media governance has contributed to Korea’s media development.