Design Pattern - One of Many Parent Tables
I understand the second solution as not applicable as it does not offer one (object)-to-many (alert) relationship.

You are stuck to just two solutions because of the strict 3NF compliance.

I would design a lesser coupling schema:

CREATE TABLE Product  (ProductID  int identity(1,1) not null, ...)
CREATE TABLE Customer (CustomerID int identity(1,1) not null, ...)
CREATE TABLE News     (NewsID     int identity(1,1) not null, ...)

CREATE TABLE Alert (
  -- See (1)
  -- AlertID     int identity(1,1) not null,

  AlertClass char(1) not null, -- 'P' - Product, 'C' - Customer, 'N' - News
  ForeignKey int not null,
  CreateUTC  datetime2(7) not null,

  -- See (2)
  CONSTRAINT  PK_Alert Primary Key CLUSTERED (AlertClass, ForeignKey)
)

-- (1) you don't need to specify an ID 'just because'. If it's meaningless, just don't.
-- (2) I do believe in composite keys


Or, if integrity relationship shall be mandatory, I might design:

CREATE TABLE Product  (ProductID  int identity(1,1) not null, ...)
CREATE TABLE Customer (CustomerID int identity(1,1) not null, ...)
CREATE TABLE News     (NewsID     int identity(1,1) not null, ...)

CREATE TABLE Alert (
  AlertID     int identity(1,1) not null,
  AlertClass char(1) not null, /* 'P' - Product, 'C' - Customer, 'N' - News */
  CreateUTC  datetime2(7) not null,
  CONSTRAINT  PK_Alert Primary Key CLUSTERED (AlertID)
)

CREATE TABLE AlertProduct  (AlertID..., ProductID...,  CONSTRAINT FK_AlertProduct_X_Product(ProductID)    REFERENCES Product)
CREATE TABLE AlertCustomer (AlertID..., CustomerID..., CONSTRAINT FK_AlertCustomer_X_Customer(CustomerID) REFERENCES Customer)
CREATE TABLE AlertNews     (AlertID..., NewsID...,     CONSTRAINT FK_AlertNews_X_News(NewsID)             REFERENCES News)


Anyway...

Three valid solutions plus another to be considered for many (objects)-to-one (alert) relationships...

These presented, what's the moral?

They differ subtly, and weight the same on the criterias:


performance on insertions and updatings
complexity on querying
storage space


So, choose that comfier to you.