My point, of course, is that no one will be watching.
Well, obviously a few people will be watching, or they wouldn't be doing this. I don't know the economics of TV news, but it's clear that at least in major markets, news can make money with small audiences. Look at those 3 hours morning news blocks starting at 4:00 AM. Very few people are up at 4:00. They're just recycling reports from the previous day, with maybe a live report if there is breaking news - so I imagine the cost is just for the anchors to sit there and talk, and they don't make the kind of money they used to.
Another example is KRON4's (Bay Area) new block of prime-time news. KRON's ratings for news are generally in the basement, yet they keep adding news to the schedule.