This works, but as I journalist I'd like to add that we hate being scooped and we hate hearing about news for the first time on a competitors site.
An alternative approach would be to give one publication an exclusive, and then as soon as the story runs send out the copy of a blog post from someone within the company (preferably a founder or the CTO, assuming it's a tech company) to journalists and say "we're going to run this on the company blog in an hour, but feel free to run a story with quotes from it now." That way we have something other than the competitors' story to quote from and we don't feel totally shutout.
An alternative approach would be to give one publication an exclusive, and then as soon as the story runs send out the copy of a blog post from someone within the company (preferably a founder or the CTO, assuming it's a tech company) to journalists and say "we're going to run this on the company blog in an hour, but feel free to run a story with quotes from it now." That way we have something other than the competitors' story to quote from and we don't feel totally shutout.