Is 24 hour news channel are necessary?

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Once there was a time everybody had interest in viewing news on the television when the news used to be of half an hour and four times a day. Now we have 24 hour news channels for us. And not one or two in number but even more than the number of music channels. They keeps themselves engaged in making us know what going around the world. According to me we are do not require such huge number of news channels and that too of 24 hours. It will be better to have these news bulletins of reduced time span so that people give it at least some importance.