-We're coming up on the 40th anniversary

of the first 24-hour news network,

so, today, let's celebrate the Peabody Award-winning journalist

who's had more impact on the news industry than anyone else.

-"Scarface" Al Capone may have built it,

and nobody knows what's in it.

Some say money.

[ Electronic gunfire ] Some say bodies.

[Electronic gunfire] Some say it's booby-trapped.

[ Electronic gunfire ] It may be Scarface Al Capone's

biggest secret, and we'll open it on live television.

[ Suspenseful music plays ] -In 1986,

Geraldo Rivera changed the course of history.

He promised viewers a look at the contents of a vault

that might, or might not, have been Al Capone's.

-Who knows? I don't.

-Geraldo was prepared to knock America's socks off,

a task so simple, this was the sponsor.

-Brought to you by Nice'n Easy.

♪♪

-After two hours of explosions...

-We're gonna blow that wall off. [chuckle]

-...and searching... -That may be significant.

We don't know. -...all under the expert

management of Geraldo...

[ Air horn blaring ]

...it was time for the big reveal!

[ Drumroll, cymbals clash ] -When we began opening

this vault nearly two hours ago,

we had no real idea what we'd find inside.

As it turns out, we haven't found very much.

[ Triumphant music climbs ]

-But Geraldo was mistaken.

He did find something in Al Capone's vault.

[ Ringing ]

30 million viewers watched!

Making Geraldo's two hours of content-free TV

the highest-rated syndicated special, ever.

♪♪

-[Chuckle]

-Like Thomas Edison,

Alexander Graham Bell,

and the creator of the Snuggie, [ Chime ]

Geraldo hit upon a game-changing invention

that would save the news media effort and money:

replace actual news with the possibility of news.

And, with that, no-news was born.

[ Glass shatters, cash register chimes ]

♪♪

The first step was testing the waters

with more prime-time television specials.

-What they saw was not from this world.

-"Alien Autopsy: Fact or Fiction?"

-What we were looking at was a mermaid.

-Tonight, we may find a mummy.

-Millions of Americans tuned in to watch a fake alien,

a fake mermaid,

and a real Maury Povich.

[ Suspenseful chord strikes ]

It was time to send up a no-news trial balloon

over on actual news channels...

-One of the strangest things

in the history of my television career is goin' down.

-...with a story that seemed like real news,

that actually wasn't.

-I was really, really worried.

-Say hi to Wolf.

His name's Wolf. -Hi!

-Hi, guys. -Say hi?

[ Suspenseful chord strikes ] -Yeah, who the hell is Wolf?

Find out in my new special, "Wolf Blitzer: Fact or Fiction."

[ Sultry jazz plays ]

No-news was taking off.

Its long, slow,

tantric burn

allowed news networks to kill airtime,

reporting that they were simply waiting for news to happen,

a move inspired by playwright Samuel Beckett.

♪♪

[ Suspenseful chord strikes ]

[ Coins clinking ] But no-news had yet to pass

its most daunting task.

In our tribal and divisive times,

could no-news be the one thing

both conservative and liberal networks agree upon?

-Donald Trump's tax returns have surfaced.

We'll go through it, next. In just a second --

A full tax return for someone like Donald Trump

would be a lot longer, but this is all we've got.

[ slow-motion ] All we've got.

-The big reveal that wasn't.

We can only imagine where Rachel Maddow got the idea.

[ Buzzer ]

-I remember watching it.

It was kind of a crazy-genius idea.

One very important and lasting lesson:

hype. works.

[ Suspenseful chords striking ]

-There are many hardworking journalists

reporting in the Fourth Estate today,

but the networks know that it's cheaper and easier

to provide 24-hour content that just feels like news.

And, since people don't wanna pay to support journalism,

no-news now has the opportunity to reign supreme forever.

We can only hope that Geraldo finally appreciates

just what he found in that vault.

[ Suspenseful chord strikes ]

[ Cheering and applause ]

-Tonight, we are live and finally going to uncover

what is hidden inside Al Capone's vault!

[ Whistling ]

[ Suspenseful chord strikes ] [ Cheering and applause ]

[ Upbeat chords striking ]