Have a look at :
**ReadWriteThink Printing Press
The interactive Printing Press is designed to assist students in creating newspapers, brochures, flyers, and booklets. The tool allows for multiple pages. Text added to the templates can be modified using a simple toolbar, which allows students to choose text features such as font size and color. As far as I can tell you cannot add graphics online though.
Interactive tool : http://interactives.mped.org/ppress110.aspx
**Three tabloid templates ( front, middle and back page) that allow graphics to be inserted can be downloaded in MS Word format here: