The "Beast" is people, and their need for constant information updates, which turns into a 24-hour need for news. It needs to be fed to keep people happy and returning to media outlets for information.
In the rush to keep their jobs, journalists are pressed to find news, even when there isn't any, and are forced to "create" news. The problem with this is that it's inaccurate and immoral, leaving made up stories. Also, it makes media outlets more like tabloids, turning small events into major problems.
The rush to "feed the beast" also creates a time crunch which can lead to less than stellar news stories which may be inaccurate or lacking in information.
Also, if "good" (accurate) news outlets fail to get information seekers the news they want, people resort to looking for the information from companies or people which are not accurate at all but are first to write anything about the subject, which is especially dangerous with the creation of the "blogosphere." In internet, really anyone can write anything, so readers need to be careful about accepting information from these sources.
With many people working on one story, such as in TV, there is much room for inaccuracies because multiple people are gathering information and compiling it. Someone needs to be able to make sure all stories coalesce, and if they don't, needs to find the correct information.
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