This paper explores the relationship between the co‐shareholding network and negative media coverage in the context of China. We find that the high degree centrality and structural holes of firm's co‐shareholding networks have negative effects on the amount and severity of negative media coverage but through differentiated mechanisms. Focal firms in high degree centrality positions can decrease negative coverage by information sharing through the network, but focal firms in the position of structural holes reduce negative coverage through information control. Our findings can complement both research on the disparate impacts of co‐shareholding networks and the media spin effect.