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The potential for a large, diverse population to coexist peacefully isthought to depend on the existence of a ``shared reality:'' a public sphere inwhich participants are exposed to similar facts about similar topics. Ageneration ago, broadcast television news was widely considered to serve thisfunction; however, since the rise of cable news in the 1990s, critics andscholars have worried that the corresponding fragmentation and segregation ofaudiences along partisan lines has caused this shared reality to be lost. Herewe examine this concern using a unique combination of data sets tracking theproduction (since 2012) and consumption (since 2016) of television news contenton the three largest cable and broadcast networks respectively. With regard toproduction, we find strong evidence for the ``loss of shared realityhypothesis:'' while broadcast continues to cover similar topics with similarlanguage, cable news networks have become increasingly distinct, both frombroadcast news and each other, diverging both in terms of content and language.With regard to consumption, we find more mixed evidence: while broadcast newshas indeed declined in popularity, it remains the dominant source of news forroughly 50\% more Americans than does cable; moreover, its decline, whilesomewhat attributable to cable, appears driven more by a shift away from newsconsumption altogether than a growth in cable consumption. We conclude thatshared reality on US television news is indeed diminishing, but is more robustthan previously thought and is declining for somewhat different reasons.

The diminishing state of shared reality on US television news