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The various stations, or whomever acquires the footage (audio & video) owns the rights and using any of this footage without their express written consent will be copyright violation of the worst kind. Their attorneys will be either jumping all over you, or at best sending you an immediate cease and desist notice. I suspect that any other news source will not take kindly to the use of their footage or materials by any competition – web, cable cast or broadcast.
Your best bet would be to cover local events with your own crew, as you indicated doing, and not even bother trying to compete with national or international news – there are already plenty of sources for that on the web, over the radio, cable and broadcast, even print, so it isn’t likely you are going to hook anyone based on your regurgitation of news outside your immediate area of coverage.
Local news is what gets overlooked for the most part by the big boys, so your best chance is establising STRONG and solid coverage of local goings on instead – chamber of commerce, city council, area police blotter, fires, human interest, etc. This focus would be a LOT more likely to draw traffic, the kind local and area businesses would support through advertising, provided of course you can establish that you have high eyeball levels tuning in on a consistent basis. And, doing your OWN coverage will at least assure that you aren’t violating other production copyrights in the process.