I have a more concrete example. Around the year 2000 I finished a computer science degree and was doing postgraduate in another subject. But it was getting boring and I decided to quit. My professor asked what I'd do next. I told him the plan I'd had all along - fall back on my CS degree and get a job as a programmer. What I didn't know, because I didn't read the news, was that the dot com crash had just happened and you couldn't get a job as a programmer. So I didn't, and spent a year or two unemployed.
I guess OP doesn't need the news to figure out political candidates' positions.. or does s/he, since most political websites are just lies and empty promises. Choosing between e.g. the pro-environment or pro-coal candidate will surely have an effect on our lives in 20 years' time. Or one who wants to deploy a police state and harass all non-whites, or all "hippie weed smoker" types, etc..
Knowing enough to vote sensibly is a duty of a citizen. It has a direct impact on everybody’s life in a more or less diffuse way, and for many people it is a matter of life and death. You’re right though that the direct benefit to an individual’s life is on average not significant, in most cases the time could be more profitably spent on developing yourself or those around you. Although that assumes that everyone else does their duty and maintains a reasonable political environment for those opting out to live in. It’s a tragedy of the commons, individuals acting purely in their interests will over time destroy the common space, unless we impose on ourselves and others a duty to maintain it.
You can use Wikipedia instead. Look up wars, statistics about crime, cost of living, a law that you've been affected by, or whatever is important to you, as decided by you, not pushed into your head by the news. There are enough people voting according to what the TV told them is important that you're not really making things better by adding yourself to their ranks.
I believe that improving your ability to think critically and find information quickly when you need it will benefit you infinitely more than spending that time on watching the news.