This paper offers a formal-theoretical account for the preponderance of negative news content. It draws on work suggesting that humans and news media prioritize outlying information and argues that one reason for a negativity bias in news consumption and production is that negative information is more “outlying”: that is, further away from expectations. Expectations change over time, however, and so too do negativity (and other) biases. This dynamic is explored using some simple simulations, followed by an empirical explication using data on the U.S. economy alongside media coverage of the economy and public economic expectations. The end result is a broadly-generalizable account of the shifting prominence of “outlying” information.