A current issue in the media industry is coping with the effects of convergence. The concept of convergence is frequently used both in the academic field and within the media industry to denote the ongoing restructuring of media companies as well as to describe the latest developments in media forms, distribution, and consumption. However, there is currently no generally accepted definition of the concept. Depending on the context, the meaning and connotations vary. Some researchers suggest that convergence is a result of a change toward a more modern media society while others treat the concept as denoting the actual process toward a more efficient management of the media value chain. This paper discusses various definitions of convergence, both in a historical perspective and as it is used and understood in contemporary media and communications research, one aim being the evaluation of how the meaning of the concept has evolved during the past decade. The study is based on literature research and one conclusion is that convergence is a process dependent on current circumstances within society. The use of the concept has therefore developed from being mainly connected with digitalization in media technology to also include elements of integration, combination, competition and divergence. This paper suggests that convergence should be seen as an ongoing process of media and media industry development that is dependent on and in continuous interplay with a contrasting and complementary process, that of media divergence.