The European Media Freedom Act (EMFA) seeks to safeguard media freedom and pluralism across the EU. Amid the rise of very large online platforms (VLOPs) and state control over the media, the Regulation responds to the spread of disinformation and the erosion of journalistic independence in all Member States. Despite the EMFA’s admirable intention to preserve democracy and protect free speech, this paper argues that key provisions of the legislation undermine its own objectives. Article 4, aimed at shielding journalistic sources from unauthorized surveillance, is riddled with caveats that could render its main protections ineffectual. Article 6 encourages ownership transparency, but many of its most powerful measures are non-binding or too narrow in scope. Finally, Article 18 introduces a “media exemption” provision that restricts VLOPs’ ability to remove harmful content or propaganda, potentially amplifying the reach of “fake news” that is proliferating on social media worldwide. Collectively, these shortcomings invite abuse by criminals and overreaching governments—both within the EU and beyond—thereby reinforcing the very threats that the EMFA set out to combat. Given that the EMFA is still in its early stages—with several provisions not set to take effect until May 8, 2027—its overall impact on editorial independence remains uncertain. Unless the Regulation’s ambiguities are carefully interpreted and its inadequacies de-emphasized, its legacy may be defined more by its unanticipated consequences than its intended benefits.