Is it http://www.newspvr.tv ?

If so, I'd suggest you read over these blog articles.

http://conversionxl.com/

http://visualwebsiteoptimizer.com/

Also an interesting read: http://www.spring.org.uk/

In my honest opinion - focus on what will make you money. If you're doing community (geo-sensitive) based news, then you'll have to get advertisers from that same community.

No point in watching local news and seeing adverts from overseas companies. Approach your key players and find out if they're interested and ask local companies if they would be interested in advertising.

You'd probably have to charge the local companies for advertising and giving the news companies a cut from the profits for using their content (if they're keen).

Small scale, small profit - larger scale, larger profit.

Remember, just because it doesn't work on one street corner, doesn't mean it won't work on another - location, location, location! Good luck!