Best alternatives for cable?

I'm contemplating canceling my TV subscription since it's costing me $200 monthly, and I hardly use it. My son often prefers watching YouTube videos repeatedly when he's with me. Personally, I mainly use Netflix and also have an Amazon Prime account. I'm wondering if my Samsung smart TV, which already offers some unexplored shows, might suffice. My primary requirement is access to live TV for news. What are your thoughts?