It sounds as if it's part of a main verb of a sentence. One of the things that has happened to news headlines and TV news people's language over the last couple of decades is that they drop parts of verbs and sometimes the subjects, too. Here is an article from 2001 in which this tendency was written about: http://www.slate.com/articles/news_and_politics/readme/2001/11/is_disappearing.html
That headline could mean any of these, plus others I'm sure you can think of:
Jason is reporting local news for Sodam-gu.
We are reporting local news for Sodam-gu.
The following people are reporting local news for Sodam-gu.
Reporting Local News For Sodam-gu [a district]
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This phrase is a title in a newspaper. In this phrase, what is "Reporting"?
Is "Reporting" a gerund or a present participle?
1 answer