By definition, the word 'milking' refers to drawing milk from the teat or udder (of a female mammal).
The slang 'milking it' is short for 'milking it for all it's worth' or... Taking full advantage of a situation for (a company's or) one's own personal gain. An example in business: A salesman who is milking a customer for all he is worth.
Currently (in my opinion) the media is 'milking it' for any tidbits of information about the recent death of Michael Jackson. Knowing what he had for breakfast on the day he died really isn't important. Somehow the media feels it's important to post such trivia including all the financial dirt they can gather.
Let's leave it at this: Michael Jackson was an entertainer. He sold millions of records and influenced 2 generations of fans worldwide. He was eccentric as the day was long and had a torturous childhood at the hands of his father/manager. He was a misfit at best and the media loved to expose him at the worst of times. But, he's dead now so let's stop milking it.
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