news module does not implement "real" scheduling, but rather the publication and expiration dates which are then used on the public side to filter the news that have been published but not expired.
In Sitefinity 4.0 we are planning to release a scheduling service with which you will be able to execute arbitrary code in certain intervals or at certain time.
You could achieve something similar on your own, by scheduling a task on your server that would execute some code.
I hope you'll find this information helpful. Let us know if there is anything else we can do for you.
the Telerik team
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