I totally agree there really isn't a scarcity of newsworthy events worldwide for the persons who care to read sober, rational news media reporting on various things (economy, politics, wars, transportation, international aid/development, etc). I'm talking about things written by people who have actual degrees in journalism, politics, economics from well respected universities whose names are recognized internationally. Journalism that wins Pulitzer prizes.
Then we have a whole other category of "news" which has been fabricated out of whole cloth for the purpose of selling even more advertising to a vast demographic of people who are never, or very rarely going to sit down to read the Süddeutsche Zeitung, Globe and Mail, Los Angeles Times or similar on a daily basis.
I have a theory that the aggregate advertising revenue from the latter class of "news" is rapidly eclipsing the first type.