NEWS is the information received from all the four directions - North , East, West & South and it is the media that, rules the minds of the people around the world by playing with
.... I don't find much meaning in the first part of this sentence.
The reporters of various media take an upper hand in publishing the type of news to the world. Most of them are dirty politics, love affairs of celebrities, accidents and corruption cases which are described in detail in the main columns in the newspapers. Nowadays news editors only concentrate on the rating received and the selling of the newspapers.
Actually, the media's priority goes to the news that are sensational even though publishing such news items may be unethical. This is the point here and it's good if you mentioned about that in this paragraph.
Would it be better if more good news was reported?
I think you have not tackled this part effectively in this essay :(