This paper presents an account of the ethical and conceptual relationship between free speech and press freedom. Many authors have argued that, despite there being some common ground between them, these two liberties should be treated as properly distinct, both theoretically and practically. The core of the argument, for this “unbundling” approach, is that conflating free speech and press freedom makes it too easy for reasonable democratic regulations on press freedom to be portrayed, by their opponents, as part of a (...) programme of illiberal censorship. While we acknowledge the important grain of truth in that argument, we try to show how the alternative, “unbundling” approach can also be used to undermine or mischaracterise democratically justifiable opposition to media regulations in despotic regimes. In light of the problems on both sides, we defend a contextually-variable account of the relation between these two liberties. (shrink)