This study aims to design and explain a media governance model grounded in Iranian–Islamic values by identifying the key causal factors shaping media orientation. A sequential exploratory mixed-methods design was employed. The qualitative phase used grounded theory based on Strauss and Corbin’s approach, drawing on 13 semi-structured interviews with media governance experts and analyzed through open, axial, and selective coding. The quantitative phase applied a descriptive–survey method using a researcher-developed 90-item questionnaire administered to 357 media managers, professionals, and practitioners. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that causal conditions have a significant effect on value-based media governance (path coefficient = 0.677; t = 21.219; p < 0.001). The absence of unified media policy, weak supervision, inefficient administrative structures, lack of financial independence, and the absence of a localized policy framework exhibited the strongest explanatory power. Five core categories— institutional support, media management and human resources, public media literacy, technology, and interaction—constituted the main causal conditions. Effective media governance in Iran requires institutional coherence, unified policymaking, strengthened professional oversight, financial independence of media organizations, capacity building of committed human resources, and the development of a localized governance framework grounded in communication justice, human dignity, and ethical responsibility.