It's still odd they don't want the media there. Regardless of how and when the media decided the story was worth pursuing, history has proven the media is often protesters' best friend.
I saw the demand sheet and I definitely get the demands for more black faculty and more money/effort to help marginalized students. I also respect the outrage at racial slurs and actions. While I can see how there can be steps taken to address the former, what can you really do to address the latter?
People have a right to be racist assholes. Unpopular, even hateful, opinions and words aren't illegal.