Sally Saville Hodge with MarketingProfs says the press release is outdated an mostly ineffective. Instead, she suggests:

A short, personalized email???three paragraphs at most???to the targeted journalists with a to-the-point lead-in should not only outline the storyline but also emphasize its relevance to the outlet’s audiences. This personal approach is going to have a far greater chance of grabbing the reporter’s attention than a news release that’s written for the masses.