First, Dan Rather got fired for reporting and continuing to follow a false story, just one example.
Second, biased, in my opinion, is or can be fake. If you completely omit and/or severely slant the 'facts' in order to represent your opinion in a 'news' story, in my opinion, your story is fake. Just like movies can be 'based on a true story' and yet much of the movie is, in fact, not what truly happened, too much of our news today is very much the same way. Ask any law enforcement officer - probably the worst evidence is an eye witness and more than one is even worse. Ask 10 people to describe the same event and you may get 6 different versions. The news is no different. However, if you are consciously slanting your version to present your bias, then, IMO, the 'news' is fake.