This study examines whether weakening employee non-disclosure agreements (NDAs) affects the flow of information to capital markets via the business press. After state laws weakened NDAs related to misconduct, treated firms exhibit a significant increase in corporate news relative to control firms. The increase is driven by non-financial news, particularly articles about legal issues and corporate social responsibility, and is concentrated among firms with large workforces and those operating in highly competitive industries. We find that articles become significantly more negative in tone, and these articles generate stronger market reactions, indicating that employees increasingly share negative information with journalists that is informative to capital markets. Using textual analysis, we document direct evidence of increased interactions between employees and journalists, with more articles citing employees as sources, particularly in news about legal issues. Taken together, our findings illustrate that the business press serves as an important channel through which employee information reaches capital markets, and that employment NDAs can impede this channel.