The media is responsible for both- reflecting values of a society and creating new ones to a good extent.Values lie at the core of the society. They evolve and become a part of the society over the years.
Values change over time. What was considered 20 years back is a way of life today. Thats how media tends to develop the world. Media makes or breaks people, events, anything. Values get created, diffused in the society.
Something thats a way of life for one man becomes a new value for another, thanks to media.