Assuming you’re pulling the news from a post in the category “news”, what I’d do is get the most recent news post and, if the publication date is less than X days, display it instead of the default text. Another option is to display any post in the category “featured”, so if you want a post to replace the text on the front page, you’d put it in the featured category as well as “news”. Remove it from “featured” to remove it from the front page.
This will require some coding, of course. You’re not going to find a plugin that will do it.
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