This study examines the relationship between media and democracy within the framework of the characteristics of the hegemonic political economy of different eras. Thus, it is examined the way public sphere has been transformed by media (manuscripts-books, newspapers-radio-television, internet-new media respectively) in feudal, modern and late- or post-modern periods. Using this method it is elaborated on the effect of dominant media on the understanding and practice of democracy in certain periods through ‘the transformation of public sphere.’ Then it is questioned the relationship between the current new media and democracy using this historical model. It will be examined the relationship between democracy and media (information and communication tools) through the transformation of “public sphere” or, as it was called in Ancient Greece, the ‘agora.’