You could take a look at this turnkey live video broadcasting site solution: http://broadcastlivevideo.com/ Solution includes multi channel live streaming, web based webcam broadcasting app and player with chat, support for external apps, 24/7 ip cameras, video playlist scheduler, video archiving & vod, HLS delivery for mobile, membership and access control, pay per view channels and tips for broadcasters. http://broadcastlivevideo.com/features/
Can i make news channel like this website www.newspakistan.tv/live/ and what about Virtual News room?
If you google there are multiple CMS for web tv but the main challenge would be to get fresh content for publishing and if you don't get it regularly then the popularity of website will be down to minimal within few weeks.