I'm collecting some info about distributions including Drupal and a selection of modules for newspapers and magazines. Examples are OpenPublish (project), ProsePoint, and the Innovation News installation profile.
There is also Managing News (Drupal installation profile), from Development Seed, an RSS/Atom based news tracker with search, channels and mapping.
Additionally, E-Publish and E-Journal, mentioned in another discussion about newspaper/magazine modules, seem to be small groups of modules, rather than complete Drupal distributions.
Some comparisons of OpenPublish and ProsePoint and their suitable use cases are:
Why recreate the wheel?
OpenPublish?
Best installation profile for news publication
In-house content development and deployments to live sites
OpenPublish vs ProsePoint
Designing/building a new website for a small daily newspaper
Quick, easy and powerful Web publishing