To succeed, news outlets must produce quality content on time. This poses a challenge for two reasons. First, breaking news is unpredictable, and the required journalistic work and associated cost vary from day to day, depending on the news. Second, news content is perishable and it cannot be written in advance. In this study, we investigate two strategies that news outlets use to manage their content production: the planned journalism strategy (creating feature articles held as inventory) and the content syndication strategy (reproducing news articles from external sources through revenue sharing). In this context, we model a news outlet's content production decisions as a dynamic program. We identify structural properties of optimal decisions and explore how the nature of the content relationship (substitutes or complements) influences these decisions. Interestingly, when feature articles and reproduced articles are complements, the adoption of one strategy may either discourage or encourage news outlets from implementing the other.