ITV ran a programme a few years back called
Newsflash: stories that stopped the world
. Really interesting if you're into that sort of thing - which I assume you are.
I suppose the main broadcasters would be penalised a lot more if they chose something like Eurovision over say the Queen's death. Personally, even if I was watching a big event I'd rather be informed as quickly as possible of something that's deemed breaking news worthy - I think the whole nature of it suggests "you need to know this". However the repercussions of doing so from those behind the event opted away from, I'm unsure how they'd react.
I always found it rather snobby and pedantic that people complained about Peter Sissons' tie. Had he delivered the news in a clown costume I could understand but the colour (which wasn't a disrespectful one) of his tie is surely a stupid thing to be complaining about.
I would be intrequied to see how this would all go and what would take precedent over the other.