The press release is not dead, but is evolving. But one version of the press release is alive and doing ok even as it has not evolved.
That is the earnings release for public companies. Part of the reason earning releases have not evolved is due to legal and financial constraints. Investors expect these releases to contain specific information. The SEC expects the releases to meet certain standards.
Fortune columnist Stanley Bing, who in real life heads up CBS' communications department, offers up a template to make it easier for flacks to write earnings release each quarter. Bing also offers a template for hacks to write articles on corporate earnings each quarter.
Following Bing's templates, outlined in The Mad Libs Report, would save time, minimize stress for PR pros and journalists alike.