The asset management industry has always had an uneasy relationship with the media. Part of fund managers’ historical reluctance to speak with the media was born from their desire to comply with the private offering safe harbor that was contingent on not generally advertising or soliciting investments. Another issue, however, is that an array of statutory, legal and business risks from communicating with the press could potentially outweigh any positive benefits therefrom. This first article in a two-part series explores managers’ hesitation to speak to the press; ways the JOBS Act and other legal and regulatory changes have mitigated that reluctance; and seven potential risks to fund managers of speaking with the media. The second article will review some possible benefits from speaking with the press; situations where managers should avoid media communications; and best practices and compliance recommendations for interacting with the press. See “Best Practices for Investment Advisers Using Social Media to Mitigate Advertising Rule Violations and Other Risks” (Mar. 23, 2017); and “SEC Issues Guidance for Investment Advisers on the Interplay of the Testimonial Rule and Social Media” (Apr 18, 2014).