Another thought, could perhaps tone down some parts that might come across as being overconfident and assuming.
"During my studies I have attained academic excellence" - slightly less boastful to refer to "success in your studies"?
"considering my capabilities" - your adequately represented in your CV
"certainly looking forward to the challenges and experience offered at Other Media" - Less assuming to say that you would "enjoy/appreciate the challenge and experience offered"
"I will be looking forward to hearing from you." - Could just remove that sentence, "Thankyou for your consideration" is a perfectly pleasant way to end it.
More generally, the first and last paragraphs are obviously fine. I would question the necessity of 3rd paragraph as its content is somewhat similar to stuff in your CV. And for fluency I think the 2nd paragraph leads into the 4th where you mention the "oppurtunity to learn" in the 2nd and then "opportunities to develop my skills and knowledge further" in the 4th. Could even merge both paragraphs for conciseness...
Career in IT > interests in web dev and networking > ideality of placement > oppurtunity to demonstrate and develop skills > positive contribution/mutual benefit.