'History repeats itself' and so are societies in different times. The problems that we are facing today could have been faced by a different society/location in the past. we can definitley be able to learn from their mistakes or successes if we choose to learn from them. The only way we can achieve this is by trying to keep ourselves aware of what is happening around the world. Hence media is the most important part of the society today. This exchange of news in the past is what is called as knowledge for today.
As you can see, the exposure to western culture has helped millions of people overcome superstitious beliefs or being exploited in their day to day lives. In the same way the exposure of eastern culture in the west has helped heal many lonely souls.
In today's global market it has become a basic necessity to be aware of what is happening around the globe, like a war in the gulf could affect your oil prices. Or the Tsunami in Japan affects which car you drive. These are just simple examples. But in the long run the effect it has had on our daily lives is that, we are not competing in our local region, but it has become a global competition. We need to be aware of the global developments in our field of interest in order succeed and News is the only way to achieve it I believe.