“Now ... this” is commonly used on radio and television newscasts to indicate
that what one has just heard or seen has no relevance to what one is about to
hear or see, or possibly to anything one is ever likely to hear or see. The
phrase is a means of acknowledging the fact that the world as mapped by the
speeded-up electronic media has no order or meaning and is not to be taken
seriously.
[...] There is no murder so brutal, no earthquake so devastating, no political
blunder so costly—for that matter, no ball score so tantalizing or weather
report so threatening—that it cannot be erased from our minds by a newscaster
saying, “Now ... this.” The newscaster means that you have thought long enough
on the previous matter (approximately forty-five seconds), that you must not be
morbidly preoccupied with it (let us say, for ninety seconds), and that you must
now give your attention to another fragment of news or a commercial.