Its either "you are the news" as in "WE are the news (media)" and we need to dig.
And the dark horse (no pun intended) interp is that "now Waters is the news", due to this financial revelation.
And both dog/bone alternative interps would apply to one or the other.
Either dig, or bury.
I like option one better. WE are the news (media) and we need to find what's buried (the bone).
Either dig, or bury.
Could be both. Anons dig for what Waters has been hiding.