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Fake news, social media and the value of credible content

Authors:
  • Sustainalytics
  • Sustainalytics

Abstract and Figures

This report explores a range of investment risks related to fake news; that is, the dissemination of disinformation and hoaxes under the guise of legitimate, factual reporting. Such risks include regulatory scrutiny, reputational repercussions and real financial effects that may hit the bottom line of media companies. We evaluate 74 conventional and social media firms based on their content governance (i.e. measures to ensure the integrity of information created or distributed by media companies). As shown in the figure below, we find a wide divergence in company practices. Only 16% of researched firms have either adequate or strong content governance measures in place, while 61% fail to disclose relevant policies or programmes. As the fake news phenomenon continues to develop, we expect the financial importance of advanced content governance practices to increase and investor interest in understanding how their media holdings are responding to fake news to escalate.
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ESG Spotlight
Fake news, social media and the value of credible content 30 May 2017
Themes:
Fake news, social media, editorial
standards, media ethics
Sectors:
Media, Software and Services
Country:
Multiple
Authors
Syed Moinuddin
Analyst, Research Products
syed.moinuddin@sustainalytics.com
Melissa Menzies
Analyst, Research Products
melissa.menzies@sustainalytics.com
Martin Vezér
Associate Analyst, Thematic Research
martin.vezer@sustainalytics.com
Doug Morrow
Associate Director, Thematic Research
doug.morrow@sustainalytics.com
Key Insights
Social media networks, which currently have an estimated 2.3 billion users
worldwide, are facilitating a surge in the dissemination of fake news.
Fake news can have important financial and reputational effects for both
conventional and social media companies.
Only 16% of researched media firms, including Sky, ITV, Vivendi, Thomson Reuters
and RTL Group, are well-prepared to manage relevant content governance risks.
Addressing the material risks of fake news
This report explores a range of investment risks related to fake news; that is, the
dissemination of disinformation and hoaxes under the guise of legitimate, factual
reporting.1 Such risks include regulatory scrutiny, reputational repercussions and real
financial effects that may hit the bottom line of media companies. We evaluate 74
conventional and social media2 firms based on their content governance (i.e. measures
to ensure the integrity of information created or distributed by media companies). As
shown in the figure below, we find a wide divergence in company practices. Only 16%
of researched firms have either adequate or strong content governance measures in
place, while 61% fail to disclose relevant policies or programmes. As the fake news
phenomenon continues to develop, we expect the financial importance of advanced
content governance practices to increase and investor interest in understanding how
their media holdings are responding to fake news to escalate.
Content governance scores of selected print, broadcasting and social media firms
Source: Sustainalytics
0
10
20
30
40
50
60
70
80
90
100
Content governance score
Google and Facebook
currently lead Twitter i n
content governance.
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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Disinformation and the role of social media
The topic of fake news grabbed the public’s attention during the 2016 US presidential
campaign when, as depicted in the figure below, in the days leading up to the vote, the
top fabricated election stories generated more engagement (i.e. shares, reactions or
comments) on Facebook than did the top election stories in mainstream outlets,
including the New York Times, Washington Post, Huffington Post and NBC News.3
Total Facebook engagements for top fake and real news election stories
Source: Sustainalytics, BuzzFeed, BuzzSumo4
Although fake news stories can be, and for a long time have been, transmitted through
conventional media outlets, such as print and radio broadcasting, social media is
facilitating their dissemination and profitability like never before. Estimates suggest
some fake news sites receive 50%-80% of their traffic via Facebook alone.5
The motivations for publishing fake news range from systematically misinforming the
public for political or other reasons to generating advertising revenues. Indeed, as social
media users engage with fake news stories, fake news publishers and social media hosts
collect revenues from advertisers who pay fees in proportion to website traffic. Social
media networks are fertile grounds for fake news because their revenue models reward
content engagement rather than content quality.6
The threat of fake news brings social media under scrutiny
Fake news creates confusion, which can have pernicious effects. According to survey
data from the Pew Research Center, nearly two-thirds of Americans say that fake news
has caused them a great deal of confusion, and just under one-quarter have shared a
made-up news story.7 The notorious “pizzagate” fake news story, which led a would-be
vigilante to bring a gun into a Washington, DC pizza restaurant and open fire, is only one
example of the danger fake news can pose to the public.8
0
2
4
6
8
10
12
14
February to April May to July August 1 to election day
Number of engagements (millions)
Top 20 fake news election stories Top 20 real news election stories
By voting day, fake election news
stories had 1.34 million more Facebook
engagements than did real ones.
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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Fake news may also have deleterious political consequences, as fabricated stories can
be designed with the intent to influence elections and undermine democratic
processes.9 Concerned about such issues, several governments are taking steps to
prevent fake news from distorting their political landscapes.
Regulatory pressure is building
Regulators are trying to hold fake news publishers and social media companies to
account by undercutting the profitability of fake news. A group of US House Democrats
has introduced a bill opposing fake news.10 The German government has launched an
official investigation into the publication and dissemination of fake news, and is
considering legislation that would impose fines on social networks of up to EUR 500,000
(USD 538,000) for each fake news story they fail to remove within 24 hours.11 The Italian
Senate has proposed a similar bill involving fines and prison sentences.12
Although it is uncertain whether any of these propositions will become law their
opponents assert that such rules would impinge on free speech the fact that
governments are taking such actions signals that new regulations are in the works.
Brand reputation depends on public trust
Fake news can have other important financial and reputational consequences for media
companies and their investors. For social media firms to stay in good standing with the
advertisers they do business with, it is important for them to foster a sufficient degree
of public trust. As of May 2017, more than 250 companies, including AT&T, Verizon,
Johnson & Johnson, Marks & Spencer and Toyota, have suspended advertising
contracts with Google because their ads were being posted alongside offensive content
on YouTube.13 These decisions could cost Google upwards of USD 750mn in its 2017
revenues.14 Addressing advertisers’ concerns about content quality is sure to be a
priority for social media firms: in 2016, the proportion of revenues tied to advertising
on Google, 15 Twitter16 and Facebook17 was, respectively, 88%, 89%, and 97%.
Investors are taking a stand
Fake news can artificially inflate or deflate the value of stocks and bonds including the
equity of social media firms18 and some members of the investment community are
attempting to curb the trend of social media networks serving as platforms for its
distribution. Arjuna Capital and the Baldwin Brothers, which collectively manage USD
1.2bn in assets, filed shareholder proposals at Google (Alphabet, Inc.) and Facebook in
late 2016 and early 2017, citing concerns about how fake news could undermine an
informed electorate. The proposal calls for additional disclosure on their content review
processes and management systems to address content governance and integrity.19
Social media reacts
Although social media companies have resisted being held to standards that would
make them comparable to news media organizations,20 they have begun to recognize
the material risks of fake news and are taking steps to curate the content that spreads
through their networks. In 2015, Google was an early supporter of the First Draft
Coalition, a non-profit that seeks to “raise awareness and address challenges relating to
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
4 | P a g e
trust and truth in the digital age.”21 Facebook and Twitter also joined the group in 2016.
By April 2017, Google and Facebook announced additional measures they would take
to improve the quality of the content they disseminate: Google launched updates to its
search engine to promote authoritative content, reduce the prominence of fake and
offensive sites, and make it easier for users to flag such content.22 Facebook unveiled
several new initiatives, including the allocation of USD 14mn to improve the integrity of
online news, hiring additional staff to go through content on its platform, offering an
educational tool to help users identify fake news, and partnering with third-party fact-
checkers (such as Correctiv, Snopes and Politifact) and media organizations (such as the
Associated Press and Le Monde).23
Indicator analysis editorial guidelines and media ethics
While it is too early to determine the full extent of the financial, reputational and
regulatory risks posed by fake news, this much is clear: investors, particularly those who
overweight the media or social media industries, should have an informed
understanding about how their portfolio companies are positioned on fake news.
To support this process, we assessed the extent to which 74 conventional and social
media firms are prepared for user, advertiser, regulator and investor scrutiny related to
content governance by applying our editorial guidelines indicator (S.3.1.6), which
gauges how companies govern their content production and distribution, and our
media ethics programmes indicator (S.3.1.6.1), which evaluates how various initiatives
may support overarching principles of content integrity. We combined these indicators
to create a content governance composite.24 The chart to the left shows the geographic
distribution of the firms, and the one below displays the results of our analysis.
Assessing content governance in the global media industry
Source: Sustainalytics
Our analysis finds that only 7% of researched firms take strong content governance
measures, and only 9% have adequate measures in place. Due to their recent initiatives,
North America, 53%
Europe, 31%
Asia Pacific, 14%
Africa and Middle East, 1%
Latin America and Caribbean, 1%
Strong, 7%
Adequate, 9%
Weak, 21%
No evidence, 61%
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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Google, Facebook and Twitter have advanced their positions to be among the 21% of
media firms that have weak content governance, putting them ahead of the 61% of
firms that show no evidence of having content governance policies or programmes in
place.
To achieve a strong ranking on this composite metric, a firm must disclose an editorial
policy and ethics programme explicitly designed to ensure the integrity of the content
it distributes. While such practices are more common among conventional media firms,
social media firms, such as Google and Facebook, are moving in this direction by
strengthening their community guidelines a form of content governance that reflects
their positions as online platforms rather than content generators.
Although, as noted above, Google, Facebook and Twitter have taken steps to curb the
trend of fake news being disseminated on their platforms, our analysis indicates that
such initiatives fall short of the adequacy standards set by the companies leading the
media market in content governance. The table below provides an overview of five
leading public media companies according to our content governance metric. In order
to address the material risks of fake news, social media companies may soon have to
follow the lead of such companies with respect to their content governance practices.
Media companies leading the industry in content governance
*As of 24 May 2017 Source: Sustainalytics
Conclusion increasing social media responsibility
Fake news is unlikely to disappear anytime soon because the Internet traffic it generates
can be highly lucrative25 and the growing number of social media users currently
estimated at 2.3 billion26 represent an increasing supply of potential clicks.
Social media firms will likely continue to resist being compared with mainstream news
outlets, partly due to the regulatory, legal and financial implications that could be
triggered by such a change of status. In the US, for example, media firms are responsible
for truth in advertising and must dedicate a portion of their budget to public service
advertisements.27
Despite social media pushback, the expectation of consumers, advertisers, regulators
and investors is that social media networks will improve their content governance to
promote public and private interests that depend on credible sources of information.
Our comparison of social media and news organizations may, therefore, be an
appropriate starting point for investors who would like to assess the capacity of social
media organizations to manage the material risks associated with fake news.
Company Name
Content
governance
score
Editorial
guidelines
score
Media ethics
programmes
score
Overall ESG
score
Market cap,
(USD, bn)*
Country
Sky plc 100 100 100 73 22 UK
ITV plc 88 100 75 64 10 UK
Vivendi SA 88 100 75 72 28 France
Thomson Reuters 75 100 50 65 31 US
RTL Group SA 63 100 25 59 12 Luxembourg
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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Endnotes
1 Wardle, C. (16.02.2017), “Fake news. It's complicated,” First Draft, last accessed (18.05.2017) at: https://firstdraftnews.com/fake-news-
complicated/.
2 Social media firms, including Facebook, Google and Twitter, are classified in the software and services industry.
3 Sydell, L. (23.11.2016), “we tracked down a fake-news creator in the suburbs. Here's what we learned,” NPR, last accessed (18.05.2017) at:
http://www.npr.org/sections/alltechconsidered/2016/11/23/503146770/npr-finds-the-head-of-a-covert-fake-news-operation-in-the-suburbs.
4 Silverman, C. (16.11.2016), “This analysis shows how viral fake election news stories outperformed real news on Facebook,” BuzzFeed News,
https://www.buzzfeed.com/craigsilverman/viral-fake-election-news-outperformed-real-news-on-facebook?utm_term=.jhL70j04#.mjRPwxwO.
5 Silverman, C. (16.11.2016), op. cit.
6 Shavit, N. (29.11.2016), “Data on Facebook’s fake news problem,” Jumpshot, last accessed (18.05.2017) at: https://www.jumpshot.com/data-
facebooks-fake-news-problem/.
7 Barthel, M., Mitchell, A. and Holcomb, J. (15.12.2016), “many americans believe fake news is sowing confusion,” Pew Research Center, last accessed
(18.05.2017) at: http://www.journalism.org/2016/12/15/many-americans-believe-fake-news-is-sowing-confusion/.
8 Fisher, M., Woodrow, C. and Hermann, P. (06.12.2016), “Pizzagate: From rumor, to hashtag, to gunfire in D.C.,” The Washington Post, last accessed
(18.05.2017) at: https://www.washingtonpost.com/local/pizzagate-from-rumor-to-hashtag-to-gunfire-in-dc/2016/12/06/4c7def50-bbd4-11e6-
94ac-3d324840106c_story.html?utm_term=.97fca9752309.
9 Timberg, C. (24.11.2016), “Russian propaganda effort helped spread ‘fake news’ during election, experts say,” The Washington Post, last accessed
(18.05.2017) at: https://www.washingtonpost.com/business/economy/russian-propaganda-effort-helped-spread-fake-news-during-election-
experts-say/2016/11/24/793903b6-8a40-4ca9-b712-716af66098fe_story.html?hpid=hp_hp-top-table-main_propaganda-
8pm%3Ahomepage%2Fstory&utm_term=.f5840eeb04fa.
10 Marcos, C. (13.03.2017), “Dems introduce bill condemning 'fake news' and 'alternative facts',” The Hill, last accessed (18.05.2017) at:
http://thehill.com/blogs/floor-action/house/323761-dems-introduce-bill-condemning-fake-news-and-alternative-facts.
11 Toor, A. (10.01.2017), “Germany investigates fake news after bogus Breitbart story,” The Verge, last accessed (18.05.2017) at:
https://www.theverge.com/2017/1/10/14222490/germany-fake-news-breitbart-russia-election ; Agerholm, H. (20.12.2016), “Germany may fine
Facebook up to 500,000 Euros for every fake news article it publishes,” Independent, last accessed (18.05.2017) at:
http://www.independent.co.uk/news/world/europe/facebook-fake-news-article-fine-germany-fake-news-article-thomas-oppermann-sdp-
chairman-a7484166.html#gallery.
12 RT News (18.02.2017), “Italian senators mull making ‘fake news’ a crime punishable by fines & jail,” RT, last accessed (18.05.2017) at:
https://www.rt.com/news/377765-italy-fake-news-bill/.
13 Rodionova, Z. (23.03.2017), “Google boycott: US firms Verizon, AT&T and Johnson & Johnson pull ads from YouTube over hate videos,”
Independent, last accessed (18.05.2017) at: http://www.independent.co.uk/news/business/news/google-advert-boycott-verizon-att-johnson-and-
johnson-gsk-pull-ads-youtube-hate-videos-extremist-a7645246.html; Chapman, B. (20.03.2017), “Google apologises over adverts placed next to
extremist YouTube videos,” Independent, last accessed (18.05.2017) at: http://www.independent.co.uk/news/business/news/google-adverts-
latest-youtube-extremist-videos-companies-pull-adverts-marks-spencer-companies-ku-a7638991.html.
14 Ingram, M. “Why the YouTube ad boycott could cost Google $750 million,” Fortune, last accessed (18.05.2017) at:
http://fortune.com/2017/03/27/google-youtube-ad-boycott/.
15 Alphabet, Inc. Form 10-K (31.12.2016), US Securities and Exchange Commission, last accessed (18.05.2017) at:
https://abc.xyz/investor/pdf/20161231_alphabet_10K.pdf.
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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16 Twitter, Inc. Form 10-K (31.12.2016), US Securities and Exchange Commission, last accessed (18.05.2017) at:
http://files.shareholder.com/downloads/AMDA-2F526X/4413495873x0x935049/05E6E71E-D609-4A17-A8BD-
B621324A950D/TWTR_2016_Annual_Report.pdf.
17 Facebook, Inc. Form 10-K (31.12.2016), US Securities and Exchange Commission, last accessed (18.05.2017) at:
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/80a179c9-2dea-49a7-a710-2f3e0f45663a.pdf.
18 Ritholtz, B. (16.12.2016), “Napoleon Is Dead! Wait. That's a Stock-Market Scam,” Bloomberg, last accessed (18.05.2017) at:
https://www.bloomberg.com/view/articles/2016-12-16/napoleon-is-dead-wait-that-s-a-stock-market-scam; Freeman, G. (29.12.2016), “How fake
news can warp financial markets,” Morningstar, last accessed (18.05.2017) at: http://www.morningstar.com.au/stocks/article/how-fake-news-
warps-financial-markets/8210.
19 Arjuna Capital (02.02.2017), “fake news is focus of new shareholder advocacy push by Arjuna Capital At Facebook and Google,” PRNewswire, last
accessed (18.05.2017) at: http://www.prnewswire.com/news-releases/fake-news-is-focus-of-new-shareholder-advocacy-push-by-arjuna-capital-at-
facebook-and-google-300401483.html.
20 Murgia, M. and Kuchler, H. (01.05.2017), “Facebook struggles to purge fake news,” Financial Times, last accessed (18.05.2017) at:
https://www.ft.com/content/0feeafe6-2c01-11e7-9ec8-168383da43b7.
21 First Draft, about section of website, last accessed (18.05.2017) at: https://firstdraftnews.com/about/.
22 Darrah, K. (27.04.2017), “Google attempts to clear up fake news,” World Finance, last accessed (18.05.2017) at:
http://www.worldfinance.com/markets/google-attempts-to-clear-up-fake-news; Gibbs, S. (07.04.2017), “Google to display fact-checking labels to
show if news is true or false,” The Guardian, last accessed (18.05.2017) at: https://www.theguardian.com/technology/2017/apr/07/google-to-
display-fact-checking-labels-to-show-if-news-is-true-or-false; Jackson, J. (06.04.2017), Facebook to offer users tips on spotting fake news,” The
Guardian, last accessed (18.05.2017) at: https://www.theguardian.com/technology/2017/apr/06/facebook-to-offer-users-tips-on-spotting-fake-
news.
23 Murgia, M. and Kuchler, H. (01.05.2017), op. cit.; BBC News (03.05.2017), “Facebook hires 3,000 to review content, last accessed (18.05.2017) at:
http://www.bbc.com/news/technology-39793175.
24 The relationship between indicator scores and these rating categories are as follows. For editorial guidelines, Strong = 100, Adequate = 60, Weak =
25 and No evidence = 0. For media ethics programmes, Very Strong = 100, Strong = 75, Adequate = 50, Weak = 25 and No evidence = 0. For content
governance, Strong = 75-100, Adequate = 50-74, Weak = 1-49 and No evidence = 0.
25 Sydell, L. (23.11.2016), op. cit.
26 Goulart, M. (03.03.2017), “Five metrics that prove social media is working for your business,” last accessed (18.05.2017) at:
https://www.forbes.com/sites/forbesagencycouncil/2017/03/03/five-metrics-that-prove-social-media-is-working-for-your-
business/#2c0e558d3327.
27 Murgia, M. and Kuchler (01.05.2017), op. cit.
ESG Spotlight No. 13 30 May 2017 Fake news, social media and the value of credible content
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About Sustainalytics
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analysis firm supporting investors around the world with the development and
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Sustainalytics partners with institutional investors who integrate environmental, social
and governance information and assessments into their investment processes. Today,
the firm has more than 330 staff members, including 170 analysts with varied
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... Furthermore, as people actively use the social media platforms by uploading and sharing as well as tweeting and retweeting contents, ordinary people have become active agents in the information value chain, not only receiving but also creating and recreating meanings (Kenix, 2011;Moinuddin, Menzies, Vezér, & Morrow, 2017). Once again, no phenomenon in human history has had such a pervasive revolutionary influence on society and human relationships as social media (Buzzetto-More, 2013). ...
... Interestingly, many scholars, such as Mutsvairo (2012), Mare (2014), Mihailidis and Viotty (2017), Allcott and Gentzkow (2017), and Moinuddin, Menzies, Vezér, and Morrow (2017), agree that digital platforms including social media are fertile grounds for breeding, distributing and perpetuating misinformation, disinformation or outright falsehood in the form of fake news for financial or economic and socio-political reasons. On the other hand, Jordaan's (2012) study in a form of mitigation against the proliferation of fake news looks at creative ways that mainstream newspapers have adopted for survival, given economic decline, loss of readership and dwindling circulation figures following the advent of new technologies and social media platforms such as Facebook. ...
Article
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At a time in press history, there was a great attraction for the tabloid format of newspapers because of its report of sensationalism from the days of inception as Penny Press in the United States of America. Although that appeal still holds globally, this is only one form of news reporting. For a long time, the connotation of mainstream media has been associated with professional news reporting built on facts, as evidenced in hard news reporting. But emphasis seems to have shifted to an equation of sensationalism with all mainstream media as a result of the exponential progression of fake news in recent times. The paper aims to de-emphasise the perception that mainstream media are the major purveyors of fake news. Conspiracy theory and social responsibility theory were used as theoretical leanings. Content analysis of two major newspapers (the City Press and the Mail & Guardian) was conducted to ascertain instances of fake news reportage for a three-month period at the height of “white monopoly capital” narratives in South Africa. Findings reveal that news reporting in South Africa is still guided by tenets of professional journalism. Keywords: fake news; mainstream media; deconstructing; social media; global; post truth; South Africa
Chapter
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In addition to looking at the ongoing election campaigns in Nigeria, past election campaigns both locally and globally (especially since Brexit referendum in the United Kingdom and the 2016 presidential election in the United States) have highlighted how fake news and hate speech can be used to cause political instability in society. Ever since, fake news and hate speech issues and their impacts on democratic processes have gained widespread research attention. Hence, an urge exists to not only further understand the concepts of fake news and hate speech but also to define them based on empirical and critical literature. This chapter intends to clearly provide further understanding about the definition of fake news through a redefinition of the concept based on a critical review of literature. Also, critically discussed in this chapter are the impacts both fake news and hate speech can have on the consolidation of democracy in Nigeria. Some policy recommendations are offered.
This analysis shows how viral fake election news stories outperformed real news on Facebook
  • C Silverman
Silverman, C. (16.11.2016), "This analysis shows how viral fake election news stories outperformed real news on Facebook," BuzzFeed News, https://www.buzzfeed.com/craigsilverman/viral-fake-election-news-outperformed-real-news-on-facebook?utm_term=.jhL70j04#.mjRPwxwO.
Data on Facebook's fake news problem
  • N Shavit
Shavit, N. (29.11.2016), "Data on Facebook's fake news problem," Jumpshot, last accessed (18.05.2017) at: https://www.jumpshot.com/datafacebooks-fake-news-problem/.
12.2016), "many americans believe fake news is sowing confusion
  • M Barthel
  • A Mitchell
  • J Holcomb
Barthel, M., Mitchell, A. and Holcomb, J. (15.12.2016), "many americans believe fake news is sowing confusion," Pew Research Center, last accessed (18.05.2017) at: http://www.journalism.org/2016/12/15/many-americans-believe-fake-news-is-sowing-confusion/.
Pizzagate: From rumor, to hashtag, to gunfire in D.C
  • M Fisher
  • C Woodrow
  • P Hermann
Fisher, M., Woodrow, C. and Hermann, P. (06.12.2016), "Pizzagate: From rumor, to hashtag, to gunfire in D.C.," The Washington Post, last accessed (18.05.2017) at: https://www.washingtonpost.com/local/pizzagate-from-rumor-to-hashtag-to-gunfire-in-dc/2016/12/06/4c7def50-bbd4-11e6-94ac-3d324840106c_story.html?utm_term=.97fca9752309.
Russian propaganda effort helped spread 'fake news' during election, experts say
  • C Timberg
Timberg, C. (24.11.2016), "Russian propaganda effort helped spread 'fake news' during election, experts say," The Washington Post, last accessed (18.05.2017) at: https://www.washingtonpost.com/business/economy/russian-propaganda-effort-helped-spread-fake-news-during-electionexperts-say/2016/11/24/793903b6-8a40-4ca9-b712-716af66098fe_story.html?hpid=hp_hp-top-table-main_propaganda-8pm%3Ahomepage%2Fstory&utm_term=.f5840eeb04fa.
Dems introduce bill condemning 'fake news' and 'alternative facts
  • C Marcos
Marcos, C. (13.03.2017), "Dems introduce bill condemning 'fake news' and 'alternative facts'," The Hill, last accessed (18.05.2017) at: http://thehill.com/blogs/floor-action/house/323761-dems-introduce-bill-condemning-fake-news-and-alternative-facts.
Germany investigates fake news after bogus Breitbart story The Verge, last accessed (18.05.2017) at: https://www.theverge.com/2017/1/10/14222490/germany-fake-news-breitbart-russia-election Germany may fine Facebook up to 500,000 Euros for every fake news article it publishes
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