But, yeah, you can't keep up with it all. Worse, with varied interests, you have more than one "all" to try to keep up with. You can't. You just can't. There's too much. It's not humanly possible to keep up with it all.
So you have to cheat. The way I cheat may not work for anyone else, but here's what I do: For general news, I look at Google News and Reuters. I look at headlines, and only read the article if I am interested in knowing more. (Often the headline tells me all I need to know.) For technical stuff, I look at HN. I just look at headlines unless I find the topic interesting. For hobbies, I have similar sites where I can just scan the new topics. This keeps me "up to date" while taking very little time.
For something like a book or a movie, I can read Wikipedia's summary if I want to know what it was about. A couple minutes vs two hours for the movie? (If I actually want to watch a movie, I'll watch it. If I just want to find out what it was about because I'm curious? Wikipedia.)