I don't like to defend cable news because much of it is terrible, but I'd argue that this kind of election night coverage absolutely delivered factual information, albeit also with heavy helpings of opinion on the side (literally, in the case of the CNN talking heads from both parties).
For instance, no cable network broadcast incorrect election results. They all informed viewers of the accurate, correct vote counts as they came in. By comparison, a fake news site was at the top of Google a few days ago with a story that literally lied about the popular vote count, saying that Trump had won it.
I'm not saying cable news is great - far from it - but these fake news sites are in a league of their own.