The iTunes Media is the folder where content is stored when you load it into iTunes and you have iTunes managing your library. All Music and Books are there. That is the Library.
Unless you have an installation that started on a older version of iTunes, then your folder is named iTunes Music like mine is.
If you Consolidated your library recently, it is possible that your Library was copied from iTunes Music to iTunes Media. Which would mean that you are using iTunes Media for your library now. I have never consolidated my library so I am not sure this is the case.
You may want to look at your other content to see what folder it is located in. I would guess that your music is located in the iTunes Media folder. If this is the case you may be able to delete the iTunes Music directory. I would put it in the trash, then open iTunes, create a Playlist called Good Tracks, select all my Music and drop it on the Good Tracks Playlist. Then create a Smart Playlist with the rule Playlist is not Good Tracks, and name it Bad Tracks. If Bad Tracks is empty, then you should be good to empty the trash.
If you have tracks in Bad Tracks, then put the iTunes Music folder back, then click on Bad Tracks, select all tracks and delete them. If they come back (and is the same number) then you just have some missing files. If they all go away, they are stored in the iTunes Music Folder.
Personally I would not care where the files are stored as long as my iTunes can access them.