A recent Variety article delved into the concept that we are entering a new era of "transactional journalism" - a world in which news coverage can have a dramatic impact on business deals and processes. While the article concentrated on the entertainment industry, the insights are valid for almost any company today. 

Corporate executives who think that they still own and control news flow and can influence media coverage are learning otherwise. Thanks to social media and citizen-generated reporting, even the most carefully crafted news pitch or release can take on a life of its own. 

The fact is that a juicy story won't wait for coverage. It will hit the public and go viral almost instantly, like a wildfire exploding in a hot dry wind. You can't hope to contain it; you just have to try to use the momentum of the story as well as you can. 

Thus a "transactional" story that is leaked by a competitor or employee in order to gain leverage can come back to bite them, or it may even be utilized by the intended victim to turn the flames back onto the arsonist. Journalism's evolution into a moment-by-moment news cycle provides a transparency and energy that executives need to understand and adapt to. 

So, who owns your story? Ultimately it is the public. Monitoring public sentiment, preparing for crisis and building credibility through proactive public relations can help a company build the type of firewalls and shelters that come in handy during times of media conflagration.