Ever since the early 1990s, professional ethics in Hong Kong’s news media has clearly deteriorated. This paper first examines various types of ethical problems in the news media through the observation of their manifestations and underlying causes and then conducts moral reasoning of four different types of ethical problems. The paper attempts to modify and expand the theoretical construct of “Journalistic Paradigm,” which has been used to explain media behavior from the perspective of political ideology, by making “serving whose interests” as a new independent variable. It is found that among the six sub-variables, “serving the interests of the government/political party” and “serving the commercial interests of the media” are the two most influential factors affecting the professional conduct of the news media in Hong Kong.