Clipping masks make this technique really simple
Make a black layer
Open type_portrait_before.jpg. Go to the Layers Panel (Window>Layers) and click the Create New Layer icon. Next go to Edit>Fill Layer. Choose Use: Black and hit OK. Highlight the background layer and press Cmd/Ctrl+J to make a copy, then drag it above the black layer.
Select the background
Highlight the background layer, then Alt+click its eye icon to hide the other layers. With the Quick Selection tool, paint over the background to select it. Alt+click the eye icon again, highlight the top layer and click the Add Layer Mask icon to turn the selection into a mask.
Add the text
Hide the top layer and highlight the black layer, then grab the Type tool. Drag a text box from the top-left corner to the bottom-right one. Set the type colour to white, choose a font style and size in the options, and type in random text (or paste from any source of text).
Change the text
Double-click the type thumbnail on the top layer, go to the type options at the bottom and pick a blue colour. Click the tick to apply. Lower the layer opacity to about 50%. Click the Create Adjustment Layer icon in the Layers Panel and pick Levels. Set midpoint 1.20, white point 184.
Clip the layer
Reveal the top layer, then hold Alt and click the dividing line in the layers panel between it and the layer below. This will clip the top layer to the type layer below. Next highlight the type layer and hit Cmd/Ctrl+J, then drag the lower type layer to the top of the stack.
Break up the effect
Grab the Brush tool and set colour to black. In the options click the brush picker and load the Square Brushes set. Click Brush Settings and increase the Scatter and Spacing. Make a new layer and paint around the edges. Add a Photo Filter Adjustment Layer; set Cooling Filter (80).