I've experienced being in 'blackout' but not a 'news blackout'.

Blackout typically refers to this: "Blackout periods are defined durations specified in a company's trading policy during which its Key Management Personnel (KMP), including directors, are typically barred from trading its securities. Often, these blackout times can extend to other employees privy to material non-public information (MNPI)."

Normally, news if material, is required to be disclosed irrespective of a blackout on insider trading activity.