The time delay put in by the networks is 3-5 seconds, which is plenty of time to catch any misspoken words or anything that the mike picks up from someone other than the reporter.
The maximum time delay possible with terrestrial communications would be you calling someone standing next to you with a phone cable stretched around the globe (40076 KM), which would give you a .13 sec lag. With a satellite phone, again assuming maximum distance(ground to geosynch orbit to ground, with 20000 km on ground in between), would be .3 sec. Almost noticeable, but by experience your brain tends to amplify the lag because you aren't used to hearing it.
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