Content Management is a vague term. In lean economic times when responsibility boundaries blur in the work place, it has become even more vague. In my experience, content management includes writing all the copy, building site maps, overseeing concept to completion, wrangling assets and account/client management. Here are a few of the sites I have managed.
Then there is the content management part.
Once the site a launched, day-to-day maintaince of the content (news, updates, etc.) is the core of the position. The most important part is maintain a consistency in the voice of the site; people identify with a personality not a page.
However, is it really news if no one reads it? With millions fighting for eyeballs, you need to push your content to your audience by using social media tools, member email lists and whatever else has evolved in the last week.