Well let's face it, our society is used to immediate gratification and the news media know that. So in an effort to keep their ratings share high it is imperative that they are first with the "breaking news", thus getting the attention from the viewing public. This in itself (people wanting information) is not a bad thing. But, on the viewing public's part, there is a lack of effort to step back and do a critical analysis of what they have just seen.
The overall effect of this of course means stories are reported without adequate confirmation (eg. 2000 election results.....1st Gore won, then Bush won, then we don't know who won), a high percentage of viewers believe the reports without reservation, and people make conclusions/decisions based on those reports. In addition, controversial topics are given priority presentation in order to inflame public opinion which in turn creates more of a need for extra attention paid to those topics.
As you stated DFC, people love scandal, melodrama, and tragedy.....otherwise how else can one explain the popularity of soap operas, Jerry Springer, and the "reality" based tv programs? The sad part is that it has encroached into the realm of actual journalism.