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1.
Parody of network television newscasts that exploits the absurd in current events for humorous intent rather than being concerned with providing complete and well-balanced information. Somewhat of a misnomer, fake news often covers actual public figures when they are caught making comments that reveal their utter stupidity and/or hypocrisy.

Not to be confused with pure news satire such as found in The Onion.

The Daily Show with Jon Stewart on Comedy Central is the primary television venues for fake news.
For a shocking number of people, their sole exposure to current events is from watching fake news on the Daily Show.
by jscurley January 03, 2007
 
2.
Typical coverage from Fox News. Their reporting contains so many exagerations, falsities, and interjected opinions, that it can in no way be considered proper and informative.
Naive Fool: I wanna find out what's going on in the world today, let's flip on Fox News.
Person Who's Not A Moron: Don't watch that crap, it's fake news, they're brainwash ya.
Naive Fool: Nah, it's on TV, it has to be true.

After watching Hannity and O'Reilly....

Naive Guy: Wow, I love Bush's policies. Did you know he was right all along? Wow, that Hillary is an whiney old bag.
Non-Moron: See, I told you this would happen!
by Enlightened1 February 11, 2008