The research study analyzes the challenges facing the media in a capitalist economy with a focus on journalists in Lagos, the commercial nerve of Nigeria loaded with many private media establishments. The study anchored on the four normative theories of the press particularly the Social Responsibility Theory, Libertarian Media Theory and Social Communist Media Theory.
Survey research method and questionnaire were used as a research instrument to gather the required data. 100 respondents among journalists in Lagos were randomly drawn using convenience sampling technique. The data were analysed using frequency and percentage table. Findings in the study show that ownership influence, inadequate funds and press freedom can be attributed as major challenges facing the press under capitalism economy. It is recommended that media proprietors should address the issue of proper funding for their stations so as to meet the expected production standards.