Is there a way to have custom post type and page with the same slug?

I’d add 'has_archive' => true to your arguments array. That turns on archives automatically (with pagination too) for your post type. The template for the post type archive is archive-news.php.

Edit

For the editable text (sorry, missed the last paragraph), I would either use an option field or a custom sidebar (w/ text widget, I suppose). The amount of effort to get the page + cpt setup to play nicely AND be forwards compatible is vastly greater than the effort required to simply add a custom text field to an already standard piece of functionality. As a general solution, if the core API gets me at least 90% of the way there, I always try to figure out how to make it work instead of reinventing the wheel.

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