Accurate information is vital to supporting a flourishing democracy. With the recent flurry of misinformation circling the internet and some broadcast news networks, it is not vital in the name of public safety that we regulate this in a responsible way. Recently US military personnel came under fire from people who bought into the Jade Helm 15 conspiracy theory. This conspiracy theory was widely reported on. In Canada there are regulations called the false news provision. It prevents people from broadcasting knowingly false information to the public. We should adopt this provision.
This is not a 1st amendment issue. It's illegal to yell fire in a theater, it should be the same to lie on the news. So if you lie, get heavy fines or stop calling yourself a news origination.