Similar to political economy, this approach examines how media ownership determines the exercise of power play, within its structure and representation of reality (ideological hegemony), impacting social relations and cultural perspective in society. A step further beyond political economy, critical political economy emphasises on ideological analysis of the audience's reading towards the reality presented in text - a structured mode of interpretation. It is a critical combination of political economy and constructivism.
This is what I got myself into. Revising chapter 1 of my thesis.