Before we can answer the question, is fake news journalism, we must define journalism. Based on the Merriam Webster dictionary it is “the collection and editing of news for presentation through the media: writing designed to appeal to current popular taste or public interest” (2010). Based on this definition the answer is yes. Fake news is a certain type of journalism since it uses collects and edits news and presents it in way that appeals to the public.
Fake news is journalism, but there are those who think it devalues true journalism. The reason people think this way is because the fake news influences their audience by presenting news facts in a comedic way. Also, the real news feels threaten because it is them that are fake by not divulging the entire truth on issues.
An example of this was when Jon Stewart went on CNBC show. “Stewart said. He then went on to show CNBC had repeatedly made mistakes in its reporting of the financial crisis, including when CNBC Mad Money host Jim Cramer said that investment bank Bear Stearns was fine only six days before it was saved from total collapse by a fire sale to JP Morgan Chase” (OrganGrinder Blog. 2010). True news journalists do not like it when their facts are confronted or questioned to show the whole truth. So the real question should be is the fake news truly fake.

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Fake news commentators influence viewers by placing a comedic twist on it and fill a void of the real news. Take for instance CNN who is considered conservative who tends to lean towards the Democratic side. “The Daily Show with Jon Stewart is – through critical analysis and biting jokes at the expense of politicians and their media lapdogs (especially cable news) – filling a critical void that has been completely ignored within the mainstream media” (The Free Liberal. 2005). Fake news commentators have been around for a long time.
Back in the eighties and nineties there was Bill Maher hosting Politically Incorrect and Dennis Miller for the Dennis Miller show. Both comedic journalists attracted a huge following by demonstrating liberal views. Both people took liberal views of politics, religion, and other issues with applying a comedic twist to them. They turned the tables politically by revealing hidden or unmentioned facts that the politicians and news did not mainstream. Due to the mainstream of controversy Bill Maher was canceled for specific remarks he made after 911 and the military took offense to them.
Fake news may be more real after all. The only reason there is so much hype about it is because the comedic hosts attract and influence huge audiences. Real news broadcasters feel threatened from this type of news due to liberal agenda being presented and the facts that are revealed which has some truth to them. The fake news mainstreams influential information through the media to reach the public and provide them with controversial issues being presented from a totally liberal view.
References

Merriam Webster, (2010). Journalism definition. Retrieved on February 7, 2010 from
http://www.merriam-webster.com/netdict/journalism

OrganGrinder Blog. (2010). When the daily show’s fake news becomes real journalism.
Retrieved on February 7, 2010 from
http://www.guardian.co.uk/media/organgrinder/2009/mar/13/jon-stewart-cnbc-daily-show

The Free Liberal. (2005). Is fake news better than real news. Retrieved on February 7, 2010 from
http://www.freeliberal.com/archives/001056.html