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This paper's main objective is to contribute towards a line of research which investigates and builds theory about a possible transformation from the current model of journalism towards a more participatory one. If "every conception and practice of politics is simultaneously a conception of journalism" (Carey, 2000: 51), The Theory of Deliberative Democracy (see 1999 o Habermas 1991, 1998 o 1999) can be taken as a reference point to be used as an anchor in an alternative theory of participatory journalism. The Theory of Deliberative Democracy focus on the central role that an inclusive public debate must have in democratic routines. The present work, firstly, departs from the analysis of basic characteristics of current journalism, in particular, about the assumptions generally held about news reality and professional journalism ethical code. For this reason, the results of an R+D project which interviewed 30 news viewers of TVE and 30 of the BBC, who - among other questions- were asked how they compared the reality that they perceived in the news with that of their daily lives. Secondly, the paper explores which notion of media and social reality, and which deontological code would be adequate to a type of journalism in line with a Deliberative Democracy. [ABSTRACT FROM AUTHOR]