Over the last years, infectious diseases have been traveling across international borders faster than ever before, resulting in major public health crises such as the Covid‐19 pandemic. Given the rapid changes and unknown risks that mark such events, risk communication faces the challenge to raise awareness and concern among the public without creating panic. Drawing on the social amplification of risk framework—a concept that theorizes how and why risks are amplified or attenuated during the (1) transfer of risk information (by, for instance, news media) and (2) audiences’ interpretation and perception of these information—we were interested in the portrayal of risk information and its impact on audiences’ risk perception over the first wave of the Covid‐19 pandemic in Germany. We therefore conducted a quantitative content analysis of a major public and private television (TV) newscast (N = 321) and combined it with survey data (two‐wave panel survey, t1: N = 1378 and t2: N = 1061). Our results indicate that TV news (as a major information source at that time) were characterized by both risk‐attenuating and risk‐amplifying characteristics, although risk‐amplifying attributes were particularly pronounced by the private TV newscast. Notably, those who only used private TV news between both waves showed the highest perceived severity at time 2. However, the interaction effect of time and use of public and/or private TV news was only significant for perceived susceptibility. Overall, more research is needed to examine the effects of different types of media and changes in risk perceptions over time.