Ownership of the media was vested with the government, especially in the areas of issuance of licenses and renewal of such licenses, among others, through the National Broadcasting Commission empowered to carry out such salient responsibility. The empowerment of NBC through the enabling Decree in 1992 saw the emergence of private broadcast stations in Nigeria. But years after the deregulation of the broadcast media in Nigeria, the private broadcast stations and ownership are still bedeviled with some challenges, which If not well addressed, will leave them at cross roads; but if addressed properly, the sky would be too small to be their limit. To realize these, the study examined the challenges and prospects of private broadcast media using Africa Independent Television (AIT) and Rhythm 93.7fm as case studies. The survey method was used to expose the challenges faced by these stations and their prospects. In course of the study, the following findings, interalia, were discovered: that the private broadcast outfits are faced with challenges arising from poor facilities, government regulation and legislations, expensive equipment, welfare and debts. However, the study discovered that progress could be made if enabling environment would be created for them to strive.