The paper researches the subject of the media space of modern megapolis, using as an example the city of Yekaterinburg, a capital of Ural Federal district. The author treats media space as an institutional sphere, as a socio-cultural environment, as a system of mass media, and as a regional media market. What makes Yekaterinburg a modern megapolis? It is one of the largest cities in Russia and CIS, with a territory spanning about 500 sq.km., and a population of almost 1.4 million; it is an industrial, research and educational center of Ural region which, since it was founded 290 years ago, became a city of strong and evolving cultural tradition. The universal quality of Yekaterinburg’s media space, which is based on multi-dimensionality and polyphonism, presents an opportunity for the author to analyze it not only within the context of intercultural dialogue, but also in the context of the polylogue of cultures. Talking about the “polylogue quality”, the author means the unity of the cultural plurality (ethnical, religious, informationsl, artistic, ethical etc.) within media space which is formed by the polysubjectivity of the process of their interaction.