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Hi akhilsuhag,
This SC offers a number of "clues" as to its structure and style. Spotting those clues is essential to getting to the correct answer.
The first big clue is in the non-underlined portion of the sentence - the phrase "...but they have generally overlooked the cost..." tells us that the subject is PLURAL and the action is in the past.
1) Verbs - The above clue means that "the media" is the subject and is plural, so we need the verb "have." Eliminate A, B and E.
2) Modification - Between the remaining two answers (C and D), answer C uses a proper "opening modifying phrase" and the phrase "the media have focused on..." parallels the phrase "but they have generally overlooked..."And D does neither. Eliminate D.
Final Answer: C
GMAT assassins aren't born, they're made,
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