Wikipedia itself isn't ideal for this, but I keep waiting for some major news institution to migrate away from the ancient newspaper article format and towards something more wiki-like for covering stories.
I think you could productively fit any kind of news coverage into a wiki article plus a stream of recent updates.
Having a newspaper article giving context and then having updates at the bottom isn't really something that doesn't exist. It happens all the time.
That's just love coverage CNN and major news do nowadays. Find the live event page and there's minute by minute updates, background information / quick recap, other sources and links, images, etc all updated in real time.
That seems to nail the "news" aspect, but missing the vital "wiki" aspect which is all about collaboration and user-edits, which I think the parent was hinting at.
What impress me the most is not that there is a Wikipedia article. But it's translated in 19 languages already !
And with a timeline of events, assessment of impact, and all 21 references, damn.