The press release nobody reads
Press releases are mostly read by other press releases. The few times they actually matter, they earn it by being newsworthy — not by being one.
Press releases used to be the way news traveled. They're now a ritual that legal, PR, and the comms team perform — distributed to wire services that other PR people scan and nobody else does. The CEO's announcement post on LinkedIn often gets more attention than the release.
When the press release still works
When the underlying news is genuinely newsworthy — a real funding round at a meaningful size, a customer win that other companies care about, a product launch in a hot category. The press release isn't doing the work; it's a vehicle for the news.
When it's theater
Most product updates. Most partnership announcements. Most hires. These get nothing from a wire release and would be better as a personal post from someone in the company who actually cares.
If the news isn't strong enough to stand on its own, no press release will help. If it is, the release is barely necessary.