The relationship between academia and stakeholders is a complex one with outcomes being influenced by the prevailing paradigms that, both in economic and political terms, mould academia’s activities at a specific point in time. The relevance specific areas of study have for society, and more specifically towards identified constituents (i.e. the stakeholders) of society, are a key factor shaping society’s expectations towards academia. In the particular case of media studies that relevance has apparently increased in the past decades, if for instance the total number of students enrolled in different European universities in this area of studies is considered, or the number of publications and dedicated journals is listed. This article examines various contributions to the enunciation of stakeholder theory when considering media and audience studies and draws upon 26 individual reports, written by members of Working Group 2 of the Cost Action Transforming Audiences, Transforming Societies (TATS). The resulting paradigms are used to describe the relations between academia and stakeholders and the implications those have for all working in the field.