This research investigates whether media coverage on CEOs, as a proxy for investor recognition of firms, affects firm value and governance. From a sample of Fortune500 companies from 1992 to 2002, we handcraft two indexes of Media Coverage and Positive Media Coverage on CEOs, and find that firms whose CEOs attract high media coverage are associated with higher Tobin's Q. Positive media coverage, dubbing CEOs as "visionary", "charismatic", "legendary", etc. gives firms higher valuation. The result remains consistent to various econometric methods and after controls for CEO ability, firm characteristics, governance variables, firm size and industry. Portfolios of firms whose CEOs attract the highest media coverage outperform portfolios of firms with the lowest media coverage by 8% per year. More importantly, media coverage affects firm governance, allowing mediatic and charismatic CEOs to get bigger compensation and longer tenure.