Motivated by the challenges, risks and opportunities that the wide use of AI brings to media, society and politics, AI4Media aspires to become a centre of excellence and a wide network of researchers across Europe and beyond, with a focus on delivering the next generation of core AI advances to serve the key sector of Media, to make sure that the European values of ethical and trustworthy AI are embedded in future AI deployments, and to reimagine AI as a crucial beneficial enabling technology in the service of Society and Media. The AI4Media consortium, comprising 30 leading partners in the areas of AI and media (9 universities, 9 research centres, 12 industrial partners) and 35 associate members, will establish the networking infrastructure to bring together the currently fragmented European AI landscape in the field of media, and foster deeper and long-running interactions between academia and industry, including Digital Innovation Hubs. It will also shape a research agenda for media AI research, and implement research and innovation both with respect to cutting-edge technologies at the core of AI research, and within specific fields of media-related AI. AI4Media will provide a targeted funding framework through open calls, to speed up the uptake of innovations developed within the network. A PhD programme will further enhance links to the industry and the fostering and exchange of talent, while providing motivation to prevent brain drain, and a set of use cases will be developed by the network to demonstrate the impact of the achieved advances in the media sector. The Excellence Centre that is established during the AI4Media project, and the ecosystem that will grow around it, will provide a long-term basis for the support of AI excellence in Europe, long after the project end, with the aim of ensuring that Ethical AI guided by European values assumes a global leading role in the field of Media.