"In a stunningly narrow interpretation of FCC rules, the Florida Appeals court [2003] claimed that the FCC policy against falsification of the news does not rise to the level of a “law, rule, or regulation,” it was simply a “policy.” Therefore, it is up to the station whether or not it wants to report honestly.

During their appeal, FOX asserted that there are no written rules against distorting news in the media. They argued that, under the First Amendment, broadcasters have the right to lie or deliberately distort news reports on public airwaves."

projectcensored.org/11-the-media-can-legally-lie/