Business-Journalism Relations: The Present Realities

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Table of Contents

Introduction
History of the Relationship between Business and Journalism
Conclusion
References

Introduction

Journalism, and news media, are an important part of society. Through effective journalism, people are able to learn about the current events, form opinions about different facets of life and more thoroughly understand the world around them. Investigative journalism, as a niche of the bigger whole, strives to provide deeper coverage to specific topics, ranging from government affairs and politics to local affairs. In particular, however, a large portion of investigative journalism covers business-related news. Discussions of emergent companies, new deals and policies, ethical considerations and international relations between organizations – all of these topics and more get covered by news. However, the relationship between journalists and business entities is complex. Over the years, the primary terms of interaction between the two have changed drastically, encompassing their own benefits and detriments. Through investigation of multiple sources, it is possible to see a rough outline of the relationship between the two entities over the years.

In the 20^th century, independent journalism was largely used to promote corporate skepticism, shaping the reputations of many organizations in the eyes of the public. With the advancement in technology and an increase in business’s influence, however, many journalistic outlets began to more closely cooperate with companies, which in many cases skewed their reporting to the side of corporations. In the more recent years, the tides began to shift once again, with journalism struggling to stay afloat in the age of digital information. The use of outrage culture and scandal, nowadays, gives investigative journalism the necessary attention, while once again portraying businesses in a bad or misinformed light. There are many other potential criticisms companies can weigh on the media industry, many of which have to do with their investigative techniques and reporting quality. Over the course of this paper, a more thorough investigation into the aforementioned historical trends will be performed. As a result, it will be possible to better understand the present realities of business-journalism relations.

History of the Relationship between Business and Journalism

Journalism as a Tool of Accountability

Journalism, at its core, is a system designed to deliver information. People gather, sort and analyze various sources of data in order to present a clear narrative to others, one that can help them better understand the world. Freedom of press has been among the central concepts in the US, encouraging news outlets to spread truthful and diverse information to the people. Through good reporting, it is possible for common individuals to feel more connected to the global sea of information, as well as make their own impact on the world. Investigative journalism, then, stands at the center of such concerns, delving deeply into its subjects in order to make them easier to digest.

Journalism, as a social concept, can be widely used to keep systems of power in check. Both government and large organizations work primarily for the people, and the people can exert influence onto them through public channels. When information is widely available to the public regarding a social structure or business, they gain the ability to either support or change that structure. In the capitalist society of the US, journalism acts as a tool of skepticism, a way for individuals to understand complex business entities and subsequently control them. Therefore, news media is able to keep business in check, through mediating the public opinion and subjecting business to scrutiny. In 1970’s and onwards, journalism largely served this goal, decreasing the degree of public confidence in business (Dreier, 1982). The priming of business’s potential consumers against them is what sparked the long-standing antagonism towards investigative journalism. News performed the role of watchdogs, speaking out against many activities performed by corporations.

Journalism as a Tool of Protection

However, certain problems were present from the start of the rocky relationships between the two. In particular, a major criticism that can be made towards journalism both from the side of businesses and consumers is the lack of thorough investigation. For their role as watchdogs, journalists often did not properly understand the subjects they were covering, lacking the necessary depth and insight. This trend meant severe consequences for both businesses and regular people. In many cases, shallow reporting could lead to a mischaracterisation of a company, while in others, it lead to major problems being unaddressed. A prime example of this trend was the 2008 financial crash (Starkman, 2014). It is presently known that many investigators stood at the center of an upcoming storm without realizing the scope of the problem. As a result, the banking firms and other companies that managed to profit of the market crash remained afloat, while the public had to suffer the dire consequences of the event. Similarly, the passage of time deteriorated the mechanisms that kept companies in check, making many journalist sources simple accessories to existing corporations. A lack of insightful investigation and the much-needed passion for truth transformed news media from watchdogs to lapdogs.

Journalism and the Generation of Outrage

With the prominence of social media and other digital platforms, the situation did not change significantly. Attentive journalism of the past was largely outpaced by quick and easy reporting, only exacerbated by the slow decline of news as a genre. Chasing the much-needed inflow of capital and attention, however, journalism slowly began to focus less on informing people and enacting social change, and more on eliciting strong reactions from its viewers. The outrage culture, formed by strong competition and a need to grab reader’s attention in a global environment, soon took hold (Crockett, 2017). Born from the desire of journalist sources to stay relevant were articles designed to make people upset. Big companies, that grew even more powerful and prominent over time, then became one of the prime targets for news outlets. Stories that sell best are those that get big ratings, while the quality and truthfulness of the material comes second. Much like the previous trend in journalism, this shift brought considerable problems to both consumers and companies. Without the incentive or time to thoroughly research specific topics investigative journalism as a whole mostly attempts to paint businesses, in a bad light, affecting public perception and stakeholder actions.

Conclusion

In conclusion, it can be said that the relationship between business and investigative journalists remains complex, owning up to the long and storied shared history. The decline of the news media in the recent decades has made it inefficient as a tool of controlling companies or promoting accountability, while making it significantly less effective as a tool for promotion. For many organizations, interacting with media or seeking media involvement results in more financial and public image considerations than it is worth.

References

Crockett, M. J. (2017). Moral outrage in the digital age. Nature Human Behaviour, 1(11), 769-771.

Dreier, P. (1982). Capitalists vs. the media: An analysis of an ideological mobilization among business leaders.Media, Culture & Society, 4(2), 111-132.

Starkman, D. (2014). The watchdog that didn’t bark: The financial crisis and the disappearance of investigative journalism. Columbia University Press.

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