Well, there are various kinds of "media", so if you mean traditional media - TV, newspapers, magazines, then certainly one could say that media reflects popular culture simply because media is profitable based on what is popular.
But movies are also media, as is music, radio, even art in some ways. This kind of media tends to influence popular culture more than news and information media. It can reflect it too, but what is trendy, what is artistic expression, what is musical style can to some extent determine and shape popular culture.
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