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A competition between the New York World and the New York Journal started to see which side would increase their circulation. (Encyclopedia Britannica) They started to create outrageous stories that exaggerated the truth so more people would purchase their newspaper. (Spark Notes)
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William R. Hearst, the owner of the New York Journal was accused of taking Joseph Pulitzer, the owner of the New York World's writers. (Spark Notes)
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Yellow Journalism is basically over exaggeration and sensationalism to attract readers to purchase the newspaper. Hearst and Pulitzer mastered this concept and applied it to their papers to get more sales.
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Hearst even hired an artist to draw pictures for fake news stories regarding the Cuban crisis at the time. After the artist found out that those stories were fake, Hearst replied with "You furnish the pictures and I'll furnish the war."
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Yellow journalism was dying down since a new medium of news was introduced: online. The internet introduced the world to easily accessible stories for free.
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As the presidential election was occurring, countless fake news articles emerged about different candidates, mainly Donald Trump and Hillary Clinton. This was a new era of yellow journalism and made the entire thing a problem again.