The National Propaganda Machine, aka Mainstream Media, has lost its monopoly on the citizenry's information consumption to low-cost independent mass information sharing via the internet.
"Fake News" is the operational strategy for their (political establishment/elite, reference DNC emails dictating weekly agenda and talking points to MSM networks) current information warfare campaign whose purpose is to simultaneously discredit the independent information sharing (to limit current damage to their campaign) and build a false-public-narative/mandate to push unconstitutional legislation to permanently silence the same (thus reestablishing their information monopoly.)
Previously this monopoly was maintained by the exorbitant cost of creating and operating a national/international news organization, like so many other things that are simply priced out of competition. The low-cost/any-size-audience aspect of the internet has rendered this impediment moot.