Revision with unchanged content. Along with further eight Eastern European countries, the Czech Republic has accessed the European Union in 2004. To meet with EU standards and regulations, a substantial reforming process was necessary and has led to an impressive level of (foreign) investments in the country. After an overview of the reforms successfully realised and those that are still urgently necessary, Daniel Vogel examines the current state of attractiveness and the potential of the Czech Republic as investment location, with special focus on the media sector. Based on a description of the current media landscape, including radio, TV, the film industry, and telecommunications, particular fields with high potential for growth are identified. To put the topic into a European context, the author examines the relevance of the EU and its institutions for business life in the Czech Republic and analyzes major aspects of the impact the country’s accession of the European Union has on business conditions.