The growing concerns about the competition between media organizations in this our contemporary society has called for a closer look at the concept of media management. In order for media organizations to make a mark and be recognized in this our competitive media era effectively, it has to go back to the drawing board of management which is the hull mark of productivity in an organization. For any organization to make effective progress, it has to have a good management system that will set achievable goals, mobilize and effectively utilize the media resources to achieve the organizational goals. Media which is a very important organization in the society and its effect on the society and its quest to meet up the its competitive society has to pay close attention to its management. This work highlights the important of media management to media organizations, its prospects, challenges, functions and skills needed to effectively utilize its functions.