Since the Federal Government of Nigeria deregulated the broadcast industry through Decree 38 of 1992, ownership and operation of the electronic media expanded to accommodate private individuals. In comparative terms, twenty one years down the road, there have been observable advancements. But another kind of monster in the form of news without the right dose or no dose of news values and credibility, has gained visibility. This study therefore examined news content in two electronic media houses – one owned by the Federal Government and the other by a private investor. Using the survey research method; a sample of 271 from a population of 215,000; and testing the results with the Chi-square statistic; results indicate, among others, that: government ownership of broadcasting houses impacts news negatively. In fact, the audience’s expectation of news differs from what is emanating from the government-owned media houses thus increasing the number of people who are actually sick of the news. The study therefore recommended: the intensification of deregulation and media plurality; increased regulation by the local ombudsman, the Nigerian Press Council; and insistence on properly educated journalists who are likely to be more ethical in behavior. Exercising greater control in the area of academic qualifications is also recommended. It will stop or reduce the number of persons with questionable academic credentials and backgrounds who break into the journalistic profession and discredit it, as is common these days.