The answer is no. If I'm going to write it, someone has to tell me. Rather than seeing press releases as an exercise in boastfulness, think about dealing with the media as doing any other kind of business deal. Companies do business with one another because they need something the other possesses, such as a product or a service. In exchange for products supplied or services rendered, money changes hands.
Journalists are hungry for news.
Every day they have to fill a newspaper or broadcast with interesting material. It sometimes can be a daunting task. By sending them information you provide the raw material they require to put out a newspaper or news show. This can range from a few thousand subscribers to a weekly newspaper to millions who watch a national TV news broadcast. Best of all, it's free.