You're looking for major copyright trouble. Network video news footage is typically licensed for roughly $100/second, with various minimum usage fees. I don't know what they'd get for penalties.

VLC, free, open-source software.

You can use the savings to pay your lawyer.

VLC, free, open-source software...can you expand on that idea?

VLC builds on top of ffmpeg. It's basically a video viewer which supports a large number of formats, but has many other uses. One of them is the ability to take an incoming video stream and split it n-ways while potentially changing format.

For example, you could take an incoming H.264 stream, send a copy to disk in AVI format, a stream to a media server in MPEG3, another stream to a different media server in 3GPP, etc. etc.

It's a viewer with a built-in Swiss Army Knife for video streams.

Why not visit the website or Wikipedia and read up on it?

But, as others have pointed out, unless you are in a country that doesn't recognize international copyrights, this is begging for legal trouble.