This chapter addresses the merits and limitations of media transparency, both theoretically and, on a case-by-case basis, empirically. The concept of transparency has become a universal solution in political discourse. Often, transparency is abused to prevent or replace effective policy-making. In this chapter, we discuss the complex norms and values of transparency and apply the concept to journalism and the media. Transparency in journalism is a paradox, as professional standards require journalists to protect their sources, while at the same time, source transparency is an indispensable prerequisite for journalistic inquiry. Media ownership transparency is ambivalent, as disclosure of more information on who controls the media does not necessarily imply more democracy in media and platform structures.