I've tried to pattern my reading routine in the theme of "WWWoCD" along with some other investors I admire. Its a mix of newspapers, business magazines, and trade journals:
Newspapers (daily): WSJ, NYT, and Financial Times. Takes about 2 hours each day. I've had a chance to ask some investors what they read each day, and Ted Weschler said he reads 6 newspapers a day (takes him ~3 hours) and Seth Klarman said he reads 5 a day. Of course Warren and Charlie are each around 5 a day. Personally I think 3 is fine, because there are so many other sources of information now.
Business Magazines (weekly/monthly): Fortune, Forbes, Businessweek, Barron's, The Economist, local business journal
Trade Magazines (weekly/monthly): American Banker, Insurance Journal, Modern Distribution Management, Automotive News, Advertising Age, Womens Wear Daily, Aviation Week, Multichannel News, Internet Retailer, Nation's Restaurant News, Restaurant Finance Monitor, BevNet, Franchise Times
Investing reading: Manual of Ideas, a bunch of blogs, CoBFF, investing-focused twitter
Company specific: I print out all filings and transcripts of companies in my portfolio, it kills your printer but I get more out of it than reading off my computer screen. I do the same for about ~20 other companies that are on a watch list, and then I have about 80 companies that I follow just through 8Ks.
I try to get everything hard copy and avoid time on the computer which can be distracting. Most days I try not to even switch my computer on.