Whenever I see these reporters waiting at a celebrity's house asking them a group of questions in packs, I always wonder how they can keep such a composed look at attitude at times. Quite frankly I believe that the law should change how and where media can apply themselves. The law should limit them to public places and only with consent of the person(s).
I don't think there's a government or a company that is giving the media specific power, but in consideration of the magnitude that the media has over the majority of the public is too great that it should be regulated in some way. I feel that today the media has gone away from the facts of telling a story to coming up ways to keep themselves on the air. There is no particular need for 24 hour news coverage; I recall a time (simpler time) where we would watch the news as a family for one hour in the entire day (at night before going to sleep) and the news would provide enough local and global information that was sufficient for our needs. Since news can't be told 24 hours a day many of the news programs go from factual to opinionated and that is not what the media should be intended for.
No, the media does not have too much power. The media merely has the power that we, the people, give them. I do, however, think that the media over steps boundaries in some cases and that some things do not need to be reported. In the end if the public does not buy into the stories the media becomes just another failing business.