This chapter explores the concept of press freedom. Daniel Hallin argues that the concept is especially relevant today, when consensus on its value and the kinds of institutional arrangements that can sustain it are in important respects breaking down. He draws on research exploring Latin American media systems, where press reform efforts have launched debates about whether new policies are assaults to the press or genuine efforts to democratize media and public life. While standard press freedom ratings typically show decline, specific individual cases raise questions about how exactly media systems are changing, how the distribution of power in society reflects those shifts, and what the implications of both are for democracy. Hallin suggests similar issues are at play around the world, including in North America and Western Europe, as scholars consider questions such as how to regulate the circulation of news on highly centralized social media platforms. He concludes by calling for careful consideration about the utility and limits of the concept of press freedom for scholars of media and public life.