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There is no case law addressing this issue.
See Fed. R. Civ. P. 45(c)(3):
(A) On timely motion, the court by which a subpoena was issued shall quash or modify the subpoena if it
(i) fails to allow reasonable time for compliance;
. . .
(iii) requires disclosure of privileged or other protected matter and no exception or waiver applies, or
(iv) subjects a person to undue burden.
See also Fed. R. Crim P. 17(c).
It is always advisable to first notify the party serving a subpoena of your intent to quash it. In many cases, the attorney serving the subpoena is ignorant of the reporter's privilege and will decide not to pursue the matter once an objection is raised. Such contact also permits you to certify good faith consultation prior to filing a motion to quash (which several courts' local rules require), and to inform the court what information the party is seeking and for what purpose.
If the subpoena duces tecum seeks only the production of records (e.g., outtakes, reporter's notes, unpublished negatives), you may serve a set of written objections, see Fed. R. Civ. P. 45(c)(2)(B), and thereby force the subpoenaing party to file a motion to compel. Written objections may also be served in response to a subpoena demanding both production of records and appearance for testimony. This mechanism postpones bringing the matter to the Court's attention and places the onus on the party serving the subpoena to go forward.
File in the court from which the subpoena was issued. See Fed. R. Civ. P. 45(c)(3): Fed. R. Crim. P. 17(c). If the reporter or news organization is a party to the lawsuit, it will generally not be responding to a subpoena, but will contest discovery requests through motions for protective orders pursuant to Fed. R. Civ. P. 26.
If written objections are tendered pursuant to Fed. R. Civ. P. 45(c)(2)(B) the party seeking the information may file a motion to compel compliance with the subpoena. See Federal Rules of Civil Procedure Rule 37(a).