The process of consolidation and concentration in the business of traditional media in Western countries was fed by the global financial crisis during the last three years. We argue that after the global financial crisis, branding and differentiation from competitors is becoming even more important. Traditional media need more effort in managing their brands. Our leading research question is: “What functional values and personality do different media brands represent in the minds of media consumers and media professionals in different European countries?” Useful theoretical background to further develop this research problem can be found in literature on journalism cultures and the functions of the media, as well as brand management in the media industry. To answer our research question, we conducted a survey in six big metropolitan areas: Berlin (N=741), Copenhagen (N=749), London (N=740), Paris (N=741), Rome (N=738), and Zurich (N=748). We asked media consumers what purpose their favourite newspaper and favourite TV news programme serves (functional value) and what personality items best fit the image they have of their favourite media brand. The same questions were asked media managers and senior editors (N=58) in the respective areas. ANOVA tests reveal significant differences among all six areas. Our results show that considerably more than consumers, media professionals see their brands in the light of traditional functions of journalism. Moreover, we found some evidence that the perception of functional values and brand personality in the UK is different from all other countries.