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The principle of transparency is widely accepted as a political response to concerns about the lack of pluralism and trust in journalism. With a multidimensional character, transparency in ownership is one of the most common legal requirements. The focus on media "owners" is not new, given the impact that ownership can have on the content produced. Ownership is therefore considered essential when assessing quality in journalism. In Portugal, media ownership is subject to transparency rules, requiring disclosing information about the corporate structure and financial data overseen by the Portuguese Regulatory Authority for the Media. There is no investigation into how Portuguese media companies comply with these regulations. However, analysing it could help us understand the challenges facing independent and pluralistic journalism. Thus, this study examines how the principle of media transparency is perceived in the Portuguese market, analysing non-compliance and objections to disclosing the required information. Based on the regulatory decisions, this analysis highlights the central role of scale in adapting to the new legal framework: non-compliance with declarations or requests for secrecy emanates mainly from smaller companies, especially those owning local media or specialised magazines. Financial information is also the most critical. This data points to economic weaknesses, which may raise concerns about the media's independence from external agents. On the other hand, the principle of visibility and transparency has not significantly impacted discussions on ownership concentration or media pluralism, indicating its insufficiency as the primary policy on media ownership. [ABSTRACT FROM AUTHOR]

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