After decades of reluctance, hedge fund managers are starting to talk to the media – a trend fueled by legal and business changes.  On the legal side, final rules under the Jumpstart Our Business Startups (JOBS) Act will implement the repeal of the ban on general solicitation and advertising for hedge funds that rely on Regulation D.  On the business side, the enhanced negotiating clout of investors has required managers to distinguish their product and service offerings.  There are at least six distinct benefits to hedge fund managers of talking to the media, as catalogued in the first article in this series.  See “Benefits and Burdens to Hedge Fund Managers of Speaking to the Media (Part One of Two),” Hedge Fund Law Report, Vol. 5, No. 45 (Nov. 29, 2012).  However, talking to the media can also involve a range of regulatory, business, reputational and other risks.  This is the second article in our two-part series designed to help hedge fund managers decide whether to talk to the media and, if they do, how to identify and manage the attendant risks.  In particular, this article discusses the various downsides of speaking with the media; situations in which fund managers should avoid speaking to the media; and six best practices for minimizing the range of risks posed by communications between hedge fund manager principals and employees and the media.