It depends on the market.
In my case, Palm Springs is an older demo market with lots of folks watching TV news. The "good" local TV operator, Press-Gazette, has a fully staffed news department with multiple vehicles and street crews. They even do regular investigative reporting.
They have CBS, ABC and Fox and Telemundo among their channels and they have news on one of the channels during about 75% of the day, as well as a channel that streams the latest newscast all the time. And the coverage is faster, better and more interesting than in the Desert Sun, the local daily paper which used to be very readable and today looks like an English test before the corrections!
They are full of local ads, and good ones.
One of our posters here mentioned how bad local news was in Eastern Washington... Yakima, Spokane, etc. The opposite of what I see in the Palm Springs metro.
News is ephemeral. The noon news today will have zero viewers. It is not "Orange is the New Black". Lousy shelf life, and high cost per subscriber to provide local coverage in a hundred or so different markets.