If the negative press is true, you have to condemn the actions and find a way to make whoever is responsible for the incident, accountable for their actions. Then, find a way to show the press that you are actively working to protect whatever it was that was hurt by your company's actions. This way, when the press comes for a follow-up story it can instantly be turned in your favor because you are championing the very same causes the press are.

If the bad press is wrong it is also important to act fast because the window of opportunity to get the facts out there will close quickly. If it's a newspaper that publishes an erroneous story about your company try going to the television media or a rival newspaper. They are just as interested in beating their competition as you are in beating yours.

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Philip Morris Companies Inc. changed its name to Altria Group, Inc. (NYSE: MO)

A negative response simply draws negative attention and may compound the problem. You can choose to take no action as well. Often the negative press is not as bad or damaging as it may seem and the problem may actually be a non-issue.

You can also issue a press release of your own to help combat the negative press. This may be done via newspapers, but also through the company's official website and perhaps a blog. Make sure the press release is straightforward and cannot be construed as simply lashing out. Make the statement factual, without emotion or bias, and address only the issues.

If the negative press is misrepresenting the facts or based on faulty information you may also contact the reporter or editor and ask for a correction. If the press is just the matter of someone's opinion do not expect the reporter to change his mind.

In all instances stick the facts, keep a level head, and work on building relationships, even with those who have published the negative press.