Here's a critical look at the role of broadcast media today from Skeptic.com.
An essential quote:
"...journalism as currently practiced delivers two contradictory messages: that what it puts before you (a) is newsworthy (under the old man bites dog standard), but also (b) captures the zeitgeist. (“You give us 22 minutes, we’ll give you the world,” gloat all news radio stations across the country.) The news media cannot simultaneously deliver both. In practice, they fail at both. By painting life in terms of its oddities, journalism yields not a snapshot of your world, but something closer to a photographic negative."