This study addresses the potential connection between media regulation and public interests. While investigating two Israeli media regulatory authorities, the study’s findings indicate that there is a difference between an Independent Regulatory Agency (IRA) and a governmental agency regarding the place of public interests and that both institutional and substantive consideration affect the extent to which public interests are the core of media regulatory policy. The study’s design and findings enhance the trend of bringing back the public interest theory to the center of media regulatory agenda on the expense of the competitive theory, the private interest theory.