This white paper is intended for identifying future research challenges in Networked Media. Availability of information at all places is becoming crucial to the development of modern day society. In addition, information is already available in the form of various media such as audio, video and text. Furthermore, in the Networked Media of the future all the elements of the media value chain will have a network capacity attached to them. Not only does it mean that all devices and multimedia content will be network-enabled but it also means that users and providers will participate and collaborate actively in a community network. The paper focuses on three main axes of future progress – true broadband support, personalized media, and distributed control.