I'd suggest trying a half-hour local newscast sports and weather program for each large market station. Doing a full-fledged hard news venture would be very costly, and outsourced news programs from an established news departments (think CW, MyNet, or indy stations) might already exist. So why not just stick to weather and hyper-local sports coverage?
Heck, you don't even have to make it an even split amongst sports or weather if the 'news' warrants it. Think of ongoing severe weather [or its aftermath], press conference coverage, interviews, and special weather or sports-related feature stories. Maybe one of those community event-type segments you typically see on morning or noon news broadcasts can be thrown in as well. For the folks who still want actual news: Let the local newspaper be in charge of scrolling graphic with basic headlines, all directing viewers to their website for full details.
So instead of taking the full news plunge, this theoretical sports/weather show merely dips its toe into that realm, providing an cheaper alternative for local/regional advertisers.