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Media Conglomeration, Local News, and Capital Market Consequences

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  • Travis Dyer

    (Brigham Young University, Provo, Utah 84606)

  • Mark Lang

    (University of North Carolina at Chapel Hill, Chapel Hill, North Carolina 27599)

  • Jun Oh

    (Purdue University, West Lafayette, Indiana 47907)

Abstract

We examine the effect of news media consolidation on local business coverage and its consequences for firms, investors, and capital markets. Using television transcripts, we find a substantial drop in coverage of local firms following the consolidation of local television stations associated with Sinclair acquisitions. Local information search, institutional portfolio local bias, and overall retail trading decrease for firms in treated geographic areas. Results are most pronounced for small firms, for stations with higher ex ante viewership, and for stations with greater reductions in local coverage. Our results provide insight into the consequences of media consolidation for local business coverage, firms, investors, and capital markets.

Suggested Citation

  • Travis Dyer & Mark Lang & Jun Oh, 2025. "Media Conglomeration, Local News, and Capital Market Consequences," Management Science, INFORMS, vol. 71(8), pages 6602-6626, August.
    • Handle: RePEc:inm:ormnsc:v:71:y:2025:i:8:p:6602-6626
    DOI: 10.1287/mnsc.2023.02247
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