A press release, news release, media release, press statement or video release is an official statement delivered to members of the news media for the purpose of providing information, an official statement, or making an announcement. A press release is traditionally composed of nine structural elements. Press releases can be delivered to members of the media both physically and electronically.
Press release material can benefit media corporations because they help decrease costs and improve the amount of material a firm can output in a certain amount of time. Due to the material being pre-packaged, press releases save journalists time, not only in writing a story, but also the time and money it would have taken to capture the news firsthand.
Although using a press release can save a company time and money, it constrains the format and style of distributed media. In the digital age, consumers want to get their information instantly which puts pressure on the news media to output as much material as possible. This may cause news media companies to heavily rely on press releases in order to create stories.  ~ Wilkepeida