We analyze how uncertainty about when information about futurereturns to a project may be revealed affects investment. Whereas goodnews about future returns boosts investment, good news about news(that is, news that information may arrive sooner) is shown todepress investment. We show that early revelation increases the valueof an irreversible investment project to a risk-neutral investor. Ourframework allows us to study irreversible investment projects whosevalue has a time-variable volatility. We also consider howheterogeneity of revelation information across firms may induce abetter-informed firm to share its information with competitors.