I've sometimes witnessed newsworthy events. It was very interesting to see what media made out of it. Local news was very inaccurate. In Big papers the stories were more like fiction - using some fact from the real event as inspiration. It was surprising that local papers can't even get simple local news right. Only once I think the local paper got into a little bit of trouble. They wrote some nagging critic about the performance of some school theatre - but the event had been cancelled...
I think it is safe to say that using newspapers to wrap some garbage is where their real value shines. Reading the garbage wrap is something that people do, but I wonder why?