This study estimates the weights of media tonalities in the measurement of media coverage of corporations by using linear regression analysis. Two new measures—Three Factor Media Favorability (TFMF) index and Four Factor Media Favorability (FFMF) index—are developed based on these estimations. These two measures are compared with other linear function measures of media coverage of corporations. Two types of measures—the measure of media favorability, and the composite measure of media favorability and visibility—are differentiated based on the different roles of media visibility in the formulas. Empirical analyses find that TFMF index and FFMF index have a certain degree of relative advantage over other measures of media favorability in predicting corporate reputation, and a composite measure of media favorability and visibility has a certain degree of relative advantage over the measures of media favorability in predicting corporate reputation. The analyses are based on a content analysis of 2,817 news articles from both the elite newspapers and local newspapers.