I worked as a journalist both at a newspaper and at a tv channel. What we did wasn’t any different from what you described. We would look through the stories coming in from reuters feed, pick the ones we liked and publish them on the website. Sometimes we didn’t even need to make any editorial changes. If you’re not out in the field actively chasing stories, the news always comes from a specific news agency and you just publish it.
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I also worked as a journalist, and I wrote my own stuff. Unless you're paying for a service like AP or Reuters, it's called plagiarism.