Common Media Holding Companies and the Uniqueness of Business Press Content

• 成果类型: Article
• 署名作者: Merkley, Kenneth; Pacelli, Joseph; Sun, Flora; Twedt, Brady
• 署名单位: Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Harvard University; State University of New York (SUNY) System; Binghamton University, SUNY; SUNY Maritime College; University at Albany, SUNY; Binghamton University, SUNY; Texas A&M University System; Texas A&M University College Station; Mays Business School
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826; 1558-7967
• DOI: 10.2308/TAR-2023-0191
• 发表日期: 2025-01
• 页码: 381-405
• 关键词: business press; holding companies; earnings announcements; BIAS; INFORMATION; coverage

摘要

We examine how common media holding companies impact the uniqueness of business press content. Consistent with common media holding companies reducing the diversity of perspectives among journalists, we find that media outlets are more likely to cover the same earnings announcement and utilize more similar tone and content when they belong to a common holding company. We provide evidence that these effects are enhanced by outlet reach and economic incentives to share content. Finally, we provide evidence consistent with coverage by common media holding companies impeding price formation. Overall, our findings suggest that content within common media holding companies is less diverse and that this may have negative implications for markets.