That doesn't really work very well. News as a product means you give the customers what they ask for, not what they need. If they ask for lies, it's not fraud.
However, news as a public service has standards of liability to the public in general, not just to your own customers. It is an obligation to society, not to the buyer.
Most consumers don't sign an agreement to receive fake news that fits their beliefs when they purchase cable -- if that was the case, then it would be fine (it can also be fraud to have something hidden in the fine print, although it usually requires a class action).
News is a product, but it should be noted that fraud is a crime in a free market. Not that it discounts the rest of what you're saying.