I will prefer to use Joomla for this with news and other extensions.
need new look and template redesign, all the button, ad picture and other picture elements need redesigned.
* 100% Tableless Design
* XHTML Valid check
* CSS Valid check
* 508 Valid
* PSD files included
* Joomla 1.5 template
* Light weight and fast loading
* IE6 png fix
* support IE6 IE7 IE8 FF2 FF3 FF3.5
* SEO features build in