Extra! Extra! Read all about it! CNN may be for sale, and rival media companies may be interested.

The keyword here is "may," because it's hard to separate fact from hearsay during these golden days of yellow journalism.

So, is AOL Time Warner's(NYSE: AOL) round-the-clock news network really in play? And if it winds up on the Sotheby's(NYSE: BID) auction block, can we get James Earl Jones to introduce the next item for bid?

"This... is CNN!"

Let's put all the puzzle pieces together. Yes, AOL has had a rough go of late, and could command some pretty hefty ransoms if it sold itself off piecemeal. Yes, the company was once in talks with Disney(NYSE: DIS) to combine news reporting properties. No, that didn't mean a merger or asset sale was in the works -- simply a partnership. No, it didn't pan out.

Are you enjoying the "Yes" and "No" approach to cutting through the rumor mill? Yes? No? Let's keep going.

Yes, Viacom(NYSE: VIA) President Mel Karmazin said his company would be interested in CNN, "if it were available." No, that doesn't mean it has even inquired about the possibility of buying CNN. Yes, it's wishful thinking, at this point.

CNN is a jewel that may be doing little more than making the rounds in a display case. Ted Turner's news-spouting marvel has galvanized the country during times of strife, joy, and uncertainty. From natural disasters to the rescue of miners, CNN is etched into the fabric of cable programming. It's easy to see why Disney or Viacom would be interested in it, to say nothing of News(NYSE: NWS), General Electric(NYSE: GE), and just about any company with substantial media interests.

The only problem is no one has officially said CNN is for sale. Until then, it's just not news, now is it?