Objective We explain how economic and political predictors shaped levels of American media coverage of the European financial crisis between 2008 and 2012. Methods We link exchange rates, unemployment rates, inflation, trade, protests, votes of no confidence, elections, and U.S. presidential remarks with financial crisis stories produced by The New York Times, the Associated Press, and television newscasts. Error‐correction modeling is utilized to determine whether relationships exist contemporaneously and across future months. Results We find evidence across multiple models that changes in the exchange rate and elections shaped levels of media coverage. We find some evidence that votes of no confidence, protests, change in unemployment, and presidential remarks matter as well. Conclusion A combination of economic change, specific political events, and broader newsworthiness norms journalists utilize in determining which stories are worthy of attention drove American coverage of the European financial crisis.