The difference is not significant. Reporting the news /is/ what the news becomes. A slant like the kind I'm discussing is exactly a lie: taking a story, and instead of telling it, saying what you want.
And I'm also talking about explicit lies: the Oliver hit piece on third parties contains some, and if you want to look for explicit lies from MSM they are easy to come by. For example consider the Nevada Democratic primary "chair-throwing" incident, reported as such by every pundit and agency in the media although objective fact is that no chairs were ever thrown. The reports of the incident devoid of context are actually even worse here than misstating the actual fact (why were people angry? crickets), but the lie is still there. Retractions were offered days later in fine print by ombudsmen and ignored by journalists (at the same organizations) presenting the actual story.
John Oliver split from doing opinionated, issue-oriented informational pieces with plenty of research to hackish hit pieces near the end of the cycle. Look at what he said about third parties: instead of bringing thoughtful attention to an often-dismissed issue, his sole purpose was to destroy support for third party candidates without regard for fairness, honesty, or truth and it was pretty clear to anyone who'd actually looked at them honestly before watching it.
If you ask any Sanders supporter (or Trump supporter I'd imagine) what they learned this cycle, it's that corporate media is not honest, not objective, and not to be trusted or even given the benefit of the doubt. Even NPR lied through their teeth.
I agree fake news on facebook is bad. But I'm not sure fake news from other sources is better. I don't know what the solution is.