We put out at least a thousand very short news blurbs per year. These are mostly for events that have almost no value to visitors a few months later. (Visitors bounce off hard)
About once a year we run analytics on these pages to find out which ones are pulling traffic. This traffic is usually related to the topic but not to the out-of-date event. Where we have nice traffic coming in we look for a similar current topic, write a short story and redirect the old URL to the new one.
Any pages that do not have nice traffic are deleted and redirected to the blog homepage. Some of these deleted pages have links so that value is passed to the homepage - which faces competition.
In my opinion, having lots of pages on your site that are not pulling in traffic and have no value to visitors is like dead weight. You will ride higher in the water and sail faster if you toss them overboard.