You know, this is a hard one. Time Magazine named “the protester” the most influential person of the year, so does that mean occupy wall street and the social media around it must be the most influential story of the year? Eh. If OWS gets noted, than Arab Spring needs to be shouted as well, since they started the revolution.
I would like to think the News Corp. phone hack would easily ride into the number one spot for the most scandalous media story of the year. The saddest story would be the loss of Steve Jobs. I would nominate the falling apart of the AT&T/T-Mobile merger as the most optimistic story of the year. ( In a world where you find monopolies unattractive)
The Huffington Post made their own list. Have a gander: http://www.huffingtonpost.com/2011/12/21/biggest-media-stories-2011_n_1159442.html