That's all it is, and not just confined to this country. You see it with Trump who, in essence, is actually not far from the truth when he labels stuff as Fake News.
They jump on the bandwagon, give it another twist or spin, dress it up as informed or a new story, citing nothing more than their own sources and insiders.
They don't exist, it's just keeping the pot bubbling and driving an agenda.
City are a bit like Trump, the levels of news hysteria are driven by the fact that the majority don't like him, so it serves an end game. That, or they appeal to the masses, which drives profits anyhow through clicks.