DirectX Media consisted of a buncle of multimedia application programming interfaces (API) that is meant to compliment the main DirectX package of APIs on the Microsoft Windows platform. It is not deprecated. It includes some important features such as DirectShow and DirectX plug-ins that handle video acceleration in playback. DirectX Media also included DirectAnimation for 2D and 3D web animations, and plugins for audio signal processing in Windows. DirectShow was firstly integrated into DirectX itself, and then removed and added to the Microsoft Platform SDK instead.
Other DirectX related glossary:
DirectX Media Objects