This paper empirically examines whether institutional investors manage media coverage to get abnormal returns. It comes to the following conclusions: firstly, the effect of media coverage on stock prices complies with attention-driven effect, namely the number of media coverage is positively related to abnormal returns; secondly, institutional investors use the attention-driven effect of media coverage to obtain abnormal returns, namely institutional investors have short-term speculation by making information noises through the media to guide market hot spots, thereby confirming the hypothesis of active media management; thirdly, the media management of institutional investors increase the possibility of future reduction by a big margin in stocks held by them, leading to greater stock price crash risk. This paper organically combines institutional investors and media coverage, extends the literature of related domains and provides evidence for further specification of institutional investors and media coverage.