* Traditional mass media has failed at manufacturing consent (stealing Chomsky's title here because I like the book and it fits). Election was lost to a TV personality even though mass media was supposed to prevent it. Google and Facebook didn't waste any time after noticing this market vacuum and signaled they are ready to be the new manufacturers of consent. "Pay us money and we'll properly inform people of your favorite brand/policy/candidate and block competing brands/candidates. Don't rely on TV news anymore. Come to us". That was a very good move on their part.
* Fake news term was a good PR term. It works well as a slogan, is short and very expressive. However it was appropriated by others. Disarming by appropriation is an interesting technique. So now the same media companies talking about fake news are defending themselves from being labeled as such. It went so far that WaPo journalist explicitly asked everyone to stop using the term as it apparently is backfiring too much: https://www.washingtonpost.com/lifestyle/style/its-time-to-r... I think studying how appropriation happened so quickly and effectively is worth it just as much as the effect of lizard people or chemtrails on the outcome of the election.