Final answer:
The media is referred to as the fourth estate because it has significant influence over governmental actions by serving as a watchdog, shaping public discourse, and holding officials accountable.
Step-by-step explanation:
The phrase that best explains why the media is referred to as the fourth estate (or fourth branch) of government is 'because it has great influence over what happens in the government'. The media serves as a watchdog of society and public officials, maintaining democracy by holding the government accountable for its actions. It plays an integral role by informing citizens about what is happening in politics and sounding an alarm when necessary, thus influencing public perception and policy issues.
The media does not take part in political decision-making or remain universally unbiased, nor does it have the authority to decide on how social issues will be addressed; instead, its influence stems from its ability to shape public discourse and opinion. Politicians recognize the power of media to promote their platforms while balancing its role as a watchdog. Furthermore, with the advent of social media, the scope of the news media has expanded significantly, exerting even greater influence on politics and society.