Should media freedom have limits in a free society?

Saturday, 19 October 2008 was Media Freedom Day in South Africa. Thabani Khumalo, who believes that media freedom comes with rights and responsibilities, argues that:

To inform the consciences of individuals and help shape their thinking is never a neutral task. It requires a determination of media owners, editors and journalists to discharge their duties in a manner that balances commercial imperatives, human rights, social responsibility and national vision. It is unfortunate and disheartening that our media is notorious for processing and filtering real events, creating a distorted reflection that condense innuendo, gossip, lies, rumors, speculations and suspicions into a form of entertainment, character assassination, scandal or at least a product that blames everybody. All is being done by the media as part of its constitutional responsibility as a guardian of democracy and watchdog of the people.

Do you agree? Should media freedom have limits in a free society?