I think http://news.google.com/ is just a search engine for showing the most recent and important news written on news sites like ABC, CBS, AOL, ESPN, Fox, etc, and to search older news stories with the search engine. I think Google Now would most likely get content from other people's site rather then writing their own content.
A lot of News websites rely on Google News to promote their article, and to get traffic from Google.
I also believe Google does not create content like Yahoo News, and just use other website's content for Google News, and Search results.
