The job of a journalist is hectic. Deadlines are constantly an issue. Your web site needs to make it as easy as possible for the member of the media to find what they are looking for in one organized location. If they don't find what they are looking for quickly, they will simply try another company to include in their story. And most likely never return for future stories.
Just as important is making it easy for prospective customers to read about your company and build trust. A robust Press Room full of recent press releases, articles, white papers is a sign of a thriving company that consumers need to do business with. A stagnant News Room that hasn't had a press release in several years makes the consumer wonder if the company is even still in business.