1. Sampling. There’s a big universe of facts, and each media outlet reports on a tiny piece of this universe.
2. Stereotypes. When you read a news story, you unconsciously pattern match and associate it to related examples you have in your mind.
3. Context. When you read a news story, you subconsciously have some fascet of your own identity in mind (as a Republican, as a pro-choice person, etc.).
All three are in effect when stories are reported on and consumed. It’s a series of lenses that samples, then distorts, the truth in a way that given the same real-world event, different people may come to completely different conclusions about what happened.
I’d add a #4: fake news. This amplifies #1 significantly. It was less of a problem in Lippmann’s time since the News world was much smaller. He might have called this “rumor”, not news.