It's not quite clear to me how you have things set up.

Are the NEWS modules you refer to "NEWSFEEDS" (do they gather news via RSS) or something like "ANNOUNCEMENTS" (you add news).

Also -- are you wanting to simply share info across the two portals are are you actually trying to keep the two different EVENTS modules in synch with each other?  That is, when you add an event on one site's EVENTS calendar it populates within the other site's EVENTS calendar?

It sounds like you can do what you want by enabling the RSS feed on your "host" modules (the modules you add content to) and on the other site use either the NEWSFEED or the XML/XSL module to display the feed.  Once this is set up, whenever you add new content in a "host" module the data will automatically appear in any modules displaying the feed.  This is the perfect way to share data with non-DNN websites as well.
 
Here's a post with a simple example of sharing EVENTS module info (calendar) as a feed and using the NEWSFEED module to consume the feed and display the data:
 
   format and Sort Your DNN Events RSS Feed with the DNN NewsFeed module
   http://www.eguanasolutions.com/DNN_Blog/EntryID/12.aspx

You can share data from other DNN modules in the same way but be aware that what data gets shared depends entirely upon a module's particular implementation.  Some DNN core modules may not share any data as an RSS feed even with the option enabled.  Other modules may go beyond the basic feed option (which simply shares iSearchable info) and instead provide a custom option for enabling RSS feeds -- these will typically be superior to the default feed option.

If you want to see a good working example of sharing info from a DNN module simply by turning on the feed option, check this link to see a popup window of the feed from my site's BLOG module (the default DNN BLOG module).

-mamlin