Does media coverage of a firm have a causal effect on the volatility of its stock price and, if so, is this of aggregate importance? I identify a robust link between coverage in the Financial Times and a firm’s intraday stock price volatility. This effect is not driven by persistence in volatility or anticipation of future newsworthy events, but is explained by an increase in trading volume, supporting a salience interpretation. The effect spills over into firms related by the structure of the production network, but does not affect the aggregate level of volatility. •An article about a firm in the Financial Times increases the volatility of it’s stock price.•This is not driven by persistence or new information, but is explained by an increase in trading volume.•The effect is consistent with a salience interpretation.•The effect spills over to related firms but does not affect aggregate volatility.•This media coverage effect can be thought of as reallocating volatility across the market.