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Daily paper · 2026-10-03 · media

90% of the coverage is reaction, not news

Sports news is a self-exciting process: one story produces several more. Fitting that separates what happened from how loudly it was reported.

mediasentimentpoint processes
Stories
592
22 after recency weighting
Branching ratio
0.90
further stories each story triggers
Attention half-life
144 h
R² 0.21
Coverage evenness
0.86
across 272 clubs

Why a Hawkes process

A story count cannot distinguish a busy week from one event everybody covered. A self-exciting point process can: the background rate is how often genuinely new things happen, and the branching ratio is how much reaction each one generates. A ratio near one means the coverage is nearly self-sustaining.

What this is not

It is not a read on anybody's state of mind, and it never will be. It counts stories and scores the language of headlines against a published lexicon you can inspect word by word. No number here enters a match price until a backtest says it should, and that backtest needs a season of archive it does not yet have.

Method

Exponential Hawkes fitted by maximum likelihood on publication times, a log-linear fit to story volume by age, and Shannon entropy over the team share of coverage.

Caveat

One feed, football only, and an archive measured in weeks. Everything here describes the coverage, not the teams.

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When the stories arrived: 33 in the last 72 hours01234560122436486072hours agostoriesbackground 0.1stories per three hoursfitted background rate
When the stories arrived, against the fitted background rate.
Attention decays with a half-life of about 144 hours (R² 0.21)035810047.494.8142.2189.6237age of the story, hoursstories in the archivestoriesfitted exponential
Coverage of an event falls away exponentially. The half-life is how long the market has had to price it.
Who the coverage is about · evenness 0.86 across 272 clubs0%1%2%3%4%5%share of tagged storiesManchester City63 storiesReal Madrid60 storiesBayern Munich43 storiesLiverpool39 storiesUnited States37 storiesCeltic37 stories
Attention is not evenly spread, and that changes what a sentiment reading means.