Has it always been this way? Think about this:
So-called "yellow journalism" came about in the mid-19th century, when America's urban cities had numerous newspapers competing with each other for the public's business. Outrageous claims sold copies. One example was the "guilty before proven innocent" headlines America threw at Spain after the naval ship Maine blew up in Havana in 1896. Never mind that there was absolutely no evidence to prove that was the case, but the media made a convincing case nonetheless, and thus the Spanish-American War took place.
So, yeah, it's been around for a while. And like everything else, it all came back to money.