A press release is a written, official statement that’s prepared for marketing and promotional purposes and is to be delivered to the members of the press – also called the media – for making a newsworthy announcement or providing information in relation to a specific event so they can make it public, thus giving the event media coverage and expanding its reach.

The main purpose of a press release is to inform the public about an event.
In one sentence, a press release is used for announcing something new.

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