Except for one fact you're missing here... All those 24 hour news shows are now opinion shows, meaning even if your law passed and only applied to news, it still wouldn't do anything. They'd rebrand as entertainment, nobody would notice, and they'd continue on. Nobody would willingly identify as a news network or show if printing an inaccurate statement brought criminal charges.

So either this law does too much and grants censorship powers to those in charge, or it does too little and has too little of an effect to change anything.

We are far better off using "soft power" solutions, like boycotting advertisers, promoting civics education that teaches students to read multiple sources, and fighting back against false claims with patience and evidence. Pushing Facebook to mark fake news, and possibly to bring sources into the timeline that don't align with their views or communities, does far more than spending political capital to weaken the first amendment would.

Making a law doesn't fix everything. For liberal ideals to win what we really need is to live the and promote them in our own communities, rather than trying to just legislate every single problem. It's more complicated of an issue than that.