Quote Originally Posted by russianhogwash View Post
what is the difference between "новость" or "известие" then? Are they used in different contexts or can they be used interchangeably?
The plural новости is generally the word that should be used to translate "news," whether the context is "the stuff that professional journalists report" or "Have you heard the latest developments about the downstairs neighbors' divorce?"

The singular, however, can mean "a piece/item/bit of news", as in:

У меня для тебя плохая новость...
I have for you one bit of bad news...

(If you used the plural плохие новости it would imply that you had several unpleasant stories to relate.)