One of Trump's greatest successes has been to co-opt the term away from it's first popularized meaning: fabricated articles created (e.g. by a teenager in Macedonia) for the primary purpose of capturing views and add clicks.
Any institution small or large is capable of fake news or lying by omission. Many of the large institutions are at the will of their corporate sponsors or the political leaning of their consumers/subscribers. The bottom line is all that matters.
I'm not in the US and people are incorporating that term in their everyday language.