Just because a source makes the statement, and the reporter quotes it accurately, you are not protected from a libel suit. Remember, we don't print rumors or gossip. This will get you in trouble every time. The idea behind privilege is that the interest of the individual mentioned and possibly defamed is outweighed by the public interest in the subject. In this category are arrest reports, public meetings and trial proceedings.
Journalists can also report on certain events.
However, statements made outside the privilege, such as a statement by an attorney made outside the courtroom, are not protected. So make sure you know the material came from a protected document or proceeding. Also, in some states, not all court papers are open to inspection. In New York, papers filed in matrimonial cases and sealed. Grand jury information is secret.