This paper examines that the impact of firms' media coverage on the market reaction to unexpected earnings announcements of the banking industry in Taiwan. The empirical results are summarized as follows. First, the media reports significant impact on CARs, especially for p-quantitive and n-qualitative media reports. The impact of the negative news regarding the earnings announcements is greater than that of the positive news. Second, the negative media news will mitigate the negative market reactions to unexpected bad earnings announcements.