Pros
I started at CNN as an intern and have stayed with the network since. If you're hungry for opportunities and offer yourself up to various teams, there's a lot of opportunity for growth. The company rewards people who want to learn vs. those who are comfortable coasting. Of course, every team and role is different. The benefits can't be beat - healthcare coverage, gym memberships, etc. Although that might change depending on how the merger with AT&T goes.
Cons
As with any job/industry, you do have to put in your time when you're starting out, either as a freelancer or a News Associate. You'll work long, sometimes unconventional hours for little pay. That said, you'll move up quickly within your first year or two and if you hustle, doors will open.