I had this thought, since the Arab Spring that resulted in Egyptian President Hosni Mubarak stepping down. Most of the action I saw on YouTube with English language live feed for the Arab network Al Jazeera. My thought is why don't other American news outlets do any type of live feeds on YouTube as Al Jazeera does.
Surely many American outlets have thought about this question although at least in Chicago I can watch live video as well. Chicagoans can watch the live feed for at least CBS 2 Chicago, NBC 5 Chicago, ABC 7 Chicago, WGN-TV, and FOX 32 Chicago. And while they're not on YouTube in some instances they're embeddable.
In fact once upon a time during the run-off elections of 2011 in Chicago, I was able to embed live video of election coverage from WGN-TV onto my other blog The Sixth Ward. Also when there is breaking news coverage my other favorite blog, Capitol Fax, also is known to post live feeds from local TV stations and was known to do so during the course of Rod Blagojevich's governorship.
All the same, why aren't more American local or national outlets doing live feeds on youtube or other video sharing sites? Perhaps I should ask my local stations directly.