Reporter Value Exchange
Earn coverage by supplying the specific scarce asset a reporter values
- Difficulty
- Moderate
- Time to result
- ~months to results
- Steps
- 7
- Confidence
- 95%
The value-exchange method begins by understanding what a specific reporter is paid to produce and what the publication considers valuable. A startup should build relationships early, while recognizing that a large financial outlet may not cover a small funding announcement regardless of personal rapport. The relationship becomes useful when the company reaches the reporter's coverage threshold and can offer access or genuinely exclusive information. For Bloomberg's M&A reporters, exclusivity can turn a borderline transaction into a publishable scoop, whereas a broadly distributed press release creates little differentiated value. Other outlets may prize a founder interview, product access, or a different factual angle. A company can legitimately distribute distinct pieces of exclusive information across several publications, generating multiple differentiated stories without giving every reporter the same package. The goal is reciprocal relevance, not favors.
Origin
Alex Sherman offered this method as practical advice to startup founders who see press coverage as a black box.
Core principles
- 01Understand the outlet before making a pitch
- 02A reporter's incentives follow the publication's business model
- 03Relationships compound before a company becomes newsworthy
- 04Exclusive information creates more value than a generic announcement
- 05Different facts can support different legitimate scoops
- 06Access should serve mutual value rather than demand a favor
How to run it
- 1
Map the Outlet
Learn the publication's audience, business model, coverage threshold, and preferred story types. Determine whether it routinely covers companies at your stage.
Pro tip Review the reporter's recent work instead of relying on the publication's general reputation.
Watch out A good pitch cannot overcome a fundamental mismatch with the outlet's mandate.
- 2
Identify the Reporter’s Currency
Ask what the reporter and organization value most, such as exclusive deal information, executive access, proprietary data, or a timely product demonstration.
Pro tip Listen for organizational incentives rather than assuming every journalist wants the same thing.
Watch out Do not treat personal friendliness as the reporter's professional incentive.
- 3
Invest Before the Ask
Build a credible relationship through useful conversations, background context, and reliable access before seeking urgent coverage. Allow the reporter to learn when you are trustworthy and knowledgeable.
Pro tip Start while the company is still below the outlet's coverage threshold.
Watch out Relationship building does not obligate a reporter to cover an unqualified story.
- 4
Wait for Relevance
Approach the outlet with a story once the company's scale, transaction value, or public significance matches its audience. Set expectations according to the reporter's actual beat.
Pro tip A later funding stage, major customer milestone, or substantial transaction may create the missing relevance.
Watch out Repeated irrelevant pitches can weaken rather than strengthen the relationship.
- 5
Create Distinctive Value
Offer the scarce asset the reporter identified, preferably information or access that competitors do not have. Make the terms and timing of any exclusivity unambiguous.
Pro tip A borderline deal may earn coverage when it is a genuine scoop.
Watch out Do not call widely distributed information exclusive.
- 6
Segment the Story
When several outlets matter, allocate distinct, truthful angles or facts to reporters whose audiences value them. Preserve consistency across every account.
Pro tip One outlet might receive deal timing while another receives an executive interview or product angle.
Watch out Piecemealing becomes deceptive if facts are contradictory or material context is withheld.
- 7
Deliver Reliably
Honor agreed timing, provide prompt access, and avoid surprises that make the reporter's work harder. Continue the relationship after publication rather than disappearing.
Pro tip Reliability today increases the likelihood that future information will be taken seriously.
Watch out Never interpret the relationship as control over the reporter's conclusions.
In the wild
A transaction involving two little-known companies sits near Bloomberg's billion-dollar threshold. If the parties release it broadly, Bloomberg may ignore it; if they provide the information as a genuine Bloomberg scoop, the exclusivity gives the newsroom a reason to cover it.
→ A story that offered little differentiated value becomes publishable because the outlet can break it.
A company identifies separate facts relevant to Bloomberg, the Financial Times, the Wall Street Journal, and a technology publication. It gives each outlet a distinct truthful angle rather than distributing an identical press release.
→ Several publications can produce differentiated coverage from the same broader event.
Common mistakes
Pitching the Wrong Scale
A large financial newsroom may be structurally unable to cover an early startup even when the reporter likes the founders. Target an outlet whose audience values that stage.
Asking for a Favor
Lunches and coffees do not entitle a company to favorable coverage. The pitch must still create professional value for the reporter.
Sending Everyone the Same Release
A commodity announcement gives each outlet little reason to prioritize the story. Distinctive information or access makes the pitch more valuable.
Is it for you?
Best for
Founders and communications teams seeking durable, credible relationships with relevant journalists.
Not ideal for
Teams expecting favorable coverage in exchange for access or casual networking alone.
From the transcript
“Ask the reporter what matters to them, and then figure out a way that you can give the reporter what matters to them.”
“What we want is exclusive information.”
“you can sort of give out eight different scoops on the same story.”
From the episode
Inside the M&A Press with Bloomberg's Alex Sherman
Alex Sherman