rotating log files

from http://ubuntuforums.org/showthread.php?t=676837

/var/log/news/* {
daily
rotate 7
olddir /var/log/news/oldnews
missingok
postrotate
kill -1 `cat /var/run/syslogd.pid`
endscript
compress
}


I bet this can be updated to rotating archival.....