This study examined the relationship between corporate governance and the financial performance of small and medium enterprises (SMEs), with reference to selected media houses in Wakiso District, Uganda. Corporate governance—the system of rules, practices, and processes by which enterprises are directed and controlled—is increasingly recognised as a determinant of financial performance, yet its role among media SMEs in Uganda remains under-examined. The study investigated how board structure, transparency and disclosure, accountability, and internal control relate to financial performance. A cross-sectional survey design with a mixed-methods approach was adopted, and data were collected from 160 respondents comprising directors, managers, and finance and administrative staff of selected media houses using structured questionnaires and interviews. Descriptive statistics, exploratory factor analysis, Pearson correlation, and structural (path) analysis were used. Factor analysis confirmed the construct validity of the governance dimensions, which loaded onto coherent factors and explained 68.3% of the variance. The results revealed a strong positive and significant relationship between corporate governance and financial performance (r = 0.67, p < 0.01), with the governance dimensions jointly explaining 65.0% of the variance in financial performance (R² = 0.650). Transparency and disclosure (β = 0.32) and board structure (β = 0.29) emerged as the strongest path predictors. The study concludes that sound corporate governance significantly enhances financial performance and recommends strengthening transparency, board structures, and accountability.