The second chapter, ‘The transnational trade in illustrations of the news,’ delves into the second argument of the book and describes the transnational trade in images of the news in three phases. The first period, between 1842 and 1850, is marked by the dominance of the Illustrated London News. The British publication supplied continental imitators in France, Germany, the Netherlands, Portugal, Spain, Italy, Hungary, and Russia with images of the news. In the second phase, between 1850 and 1860, images started to flow from the three major European illustrated newspapers to newly established competitors in foreign countries, who often relied on a single foreign source. The founding of several penny illustrated newspapers marks the third phase (1860–1870). Widely distributed penny magazines, like the French le Journal Illustré, started to publish old images of the news from several sources and served them to their readers as original illustrations of news events.