This study examines a number of factors suggested in the literature as important determinants of the foreign market selection. Key strategic factors are determined as four groups: host-country characteristics, firm-specific factors, competitive situation and content adaptation. In this study, multiple regression and path analysis are used. To test the model with modeling techniques, the necessary data from 29 media firms were used. It is based on a questionnaire, which has provided several insights into market selection elements. Our findings indicate that all components of the host country, exporting companies, competitive situation and the content adaptation could influence positively the selection of foreign market. The results also indicate that the adaptation of content was the most effective in choosing a foreign market. In addition, cross-cultural adaptation is an important component in selection of foreign markets. The results also suggest that the causal relationships between the independent variables are positive and significant, while the relationship between the content adaptation and the competitive situation has not been confirmed.