In some cases, one news station may have exclusive coverage of a certain story, because the source went straight to them instead of the others. Well, woohoo for them. That's hardly fair. Most people would say that the people have a right to know what's going on around them. Some people go as far as to say that all information should be free.
Same thing goes for weather, traffic and sports.
If Channel 5 says it's raining, chances are Channel 6 will agree. Here's what I propose. Each city would have one news team. All local news would be broadcast on a separate local news channel, or the same news show would be broadcasted on all stations at the same time. No more senseless bragging that this news team is better than that news team, or how Channel X has better equipment than Channel Y. News is news.