I'm not sure that I agree. The term was used the describe literal fake, from fake news organizations, that garnered millions of views on social media website. That's fake news.
Such as the time the "Denver Guardian" (there is no such media outlet) posted a story titled
“FBI AGENT SUSPECTED IN HILLARY EMAIL LEAKS FOUND DEAD IN APPARENT MURDER-SUICIDE.” Literally everything in the "article" was fake. The town was made up, the police department was made up, etc.. Yet this was viewed 15 million times on Facebook, and shared more than 500,000 times.
Another example would fake news story about Denzel Washington supporting Donald Trump. The Pope supporting Donald Trump. Germany allowing child marriage under Sharia law. Etc.
These stories weren't created by the media. These were legitimately fake news stories that were viewed and shared by millions of people.