Corporate Engagement with the Media

Abstract

We survey 191 individuals responsible for public companies’ media relations and conduct 12 follow-up interviews to examine the role of these media relations officers in shaping corporate communication strategies and engagement with the media. Media relations officers indicate they are very involved in company messaging, including around important events such as mergers and acquisitions or changes in the senior executive team. We also find that one in four public companies hosts a quarterly conference call exclusively for members of the media in conjunction with the release of earnings, and media relations officers view The Wall Street Journal and LinkedIn as the most influential traditional media outlet and social media platform, respectively. Media relations officers are highly concerned with their companies’ reputation among investors and analysts, even more than they are concerned about their companies’ reputation with national or local media outlets. Finally, media relations officers are much more likely to post on social media when their company announces positive earnings news compared to when they announce negative earnings news. Overall, our findings shed new light on how companies engage with the media and what drives their corporate communication strategies.

Keywords: media relations, business press, social media, media strategy

JEL Classification: M40, M41, G14, L82