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The aim of this paper is to examine in which way the following factors influence TV owners‟ strategies for the development of television as a business in the turbulent media market of Serbia: 1) the size of the news market and local media environment, 2) the response to technological changes, 3) economic status of the television outlet, and 4) clientelism. For the purpose of this case study, in-depth interviews were conducted with the owners of six local commercial TV stations located in different regions in Serbia. The results show that instead of developing professional resources for a highly competitive media environment, TV owners are fighting for bare survival. However, their strategies for the development of television as a business can be divided into two camps: one group expects the help of the state to overcome financial constraints, while the other seeks to develop e-business and web advertising as models of sustainable growth on the market. [ABSTRACT FROM AUTHOR]