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Not through sbsettings, but there is an option to hide it through Springtomize 2 which I recommend
 
Wirelessly posted (Mozilla/5.0 (iPhone; CPU iPhone OS 5_0_1 like Mac OS X) AppleWebKit/534.46 (KHTML, like Gecko) Version/5.1 Mobile/9A406 Safari/7534.48.3)

Get an app called nonewsisgoodnews. That will do the trick.
 
How did you do that?

It's a little tricky. You take 2 other apps (use 1 that will most likely share the folder with Newsstand). Drag 1 app onto the other app. While its in the process of creating a folder, drag the Newsstand app into the newly forming folder. Boom, it's done.

However, when its in the folder DO NOT select it. It has been known to crash the system.

HTH
 
I hid it in a folder using FolderEnhancer.

A lot easier than the method above. Plus FolderEnhancer is a great tweak.
 
It's a little tricky. You take 2 other apps (use 1 that will most likely share the folder with Newsstand). Drag 1 app onto the other app. While its in the process of creating a folder, drag the Newsstand app into the newly forming folder. Boom, it's done.

However, when its in the folder DO NOT select it. It has been known to crash the system.

A video on YT showing the process:
http://www.youtube.com/watch?v=bnsVFomvwCg
 
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