The more fundamental problem is that Facebook makes it far easier and more profitable to run a cheap website stuffed with completely made-up stories than an actual newspaper, because it is much easier to catch people's attention with an outrageous fake headline than with boring real news.
Now that they did that, then all of a sudden "oh fake news". If they had just kept it to latest first, from only the pages you liked, then there would be no way for them to "wiggle in" such a thing as "fake news". On the one, the person's choices dictate what they see later on, and on the other Facebook has to "tune" things to your liking.
That's why there is such an dark-pattern on Facebook when you try to "UnLike" a page. I urge everyone to go give it a try and tell me if it's intuitive or obvious.
How would you call a Communist state? Democratic? Fascist?
I really don't see how Facebook wins here.
Which is good. Because it would be sad if collaborators in human oppression on the largest scale still happening in the modern era were the winners.