There is a threat to humanity in current media platforms. They are monopoly-owned by a few, which control the news feed. They decide whats a hot topic, they decide whats the narrative, and they decide what to censor.
The problem is that the average person only goes to trusted journals to feed up their daily anxiety of news. So they end up unconsciously biased to a controlled pre selected narrative by reading CNN, WSJ, NYT..etc.
The people who control modern media platforms are ultra-rich, and will tend to favour content that promotes their own self-interest. But this has generally been the case with traditional media, too. It's just somewhat more of an issue now because the pace has picked up, because web news is
right now.
I'm not sure what the answer is. You will never have rigorous impartial oversight over a web news source that works almost in real time. And retrospective punishment for the dissemination of fake news would only affect the more legitimate sites. Some of the crazy lone-wolf BADecker sites would just shut up and open somewhere else, faster than you can police.