The digital revolution has fundamentally reconfigured the media landscape, presenting a complex duality of unprecedented ethical challenges and innovative opportunities for responsible practice. This paper provides a comprehensive examination of this evolving terrain, analyzing how technological advancements like artificial intelligence and global connectivity test traditional ethical frameworks. Key challenges identified include the rampant spread of misinformation, significant privacy and data ethics concerns, embedded algorithmic biases, and commercial pressures that incentivize speed and engagement over accuracy and nuance. Conversely, the digital era also offers promising avenues for ethical innovation. These include AI-powered verification tools, a reinvigoration of theoretical foundations like virtue ethics and deontology, opportunities for global connectivity and cross-cultural storytelling, and the potential for trust-building through transparency and ethical branding. The paper concludes that navigating this landscape requires a multifaceted approach, advocating for enhanced ethics education, robust regulatory frameworks, improved public media literacy, and thoughtfully designed human-AI collaboration models. Ultimately, the future of ethical media depends on balancing technological capabilities with enduring human values to maintain public trust and support democratic discourse.