“Television is to news as a bumper sticker is to Shakespeare. I remember hearing an analogy once that went something like that. Your typical nightly, 35-minute TV news broadcast is a headline service with pictures. Five minutes of police-blotter reporting - fires, murders, car accidents, etc. - five minutes of human-interest stories and small talk, five minutes of weather, five minutes of sports, ten minutes of commercials, and maybe a minute or two for business, science, politics, and affairs of the world.”

The Cook, The Thief, His Wife, and Her Lover

There is no indication that Einstein said this. According to Quote Investigator, the earliest publication of a quote similar was in a collection of articles about manufacturing in 1966, when an employee of the Stainless Processing Company wrote a piece titled "The Manufacturing Manager's Skills." The article attributed the quote to an unnamed professor at Yale, by saying, "If I had only one hour to solve a problem, I would spend up to two-thirds of that hour in attempting to define what the problem is." (See, 1966, The Manufacturing Man and His Job by Robert E. Finley and Henry R. Ziobro, "The Manufacturing Manager's Skills" by William H. Markle (Vice President, Stainless Processing Company, Chicago, Illinois), Start Page 15, Quote Page 18, Published by American Management Association, Inc., New York. Verified on paper). https://quoteinvestigator.com/2014/05/22/solve/
Disputed
Variant: If I had an hour to solve a problem I'd spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.

When asked what she did with her first royalty check
Epstein, Daniel (2004). "The White Stripes - Coffee and Cigarettes" http://suicidegirls.com/words/White+Stripes+for+Coffee+and+Cigarettes/ SuicideGirls.com (accessed June 6, 2006)

Wired Magazine article http://www.wired.com/wired/archive/14.08/colbert.html (14 August 2006)
Context: Get your own entry in an encyclopedia... In the media age, everybody was famous for 15 minutes. In the Wikipedia age, everybody can be an expert in five minutes. Special bonus: You can edit your own entry to make yourself seem even smarter.

Pedantic & Whimsical (2006)

Source: Specials

Context: It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

Wisecracks