There is really no such thing as libel any longer. It used to be that a reporter would not write an article without verifying sources. Now it is the wild Wild West where anything can be said without consequence.
Our government lies 3/4 of the time.
No libel is very much a thing still. Libel lawsuits occur all the time and people win them a lot. However, proving libel against public figures is almost impossible (intentionally so) because thanks to the Supreme Court Case of New York Times vs. Sulivan public figures have to prove an extra layer of fault called "Actual Malice" which basically comes down to not only do you have to prove that what was published about you was false, but you have to prove that those who wrote it/published it knew it was false when they did and did it with the intent to do harm. Which is extremely hard to prove in a court of law beyond a shadow of a doubt.
The 24-hour news cycle is the absolute worst thing that ever happened to journalism for lots of reasons and I could write an entire research paper on the subject in this thread (It's actually what I did do my Journalism Capstone paper on when I graduated MU) but for here I'll keep it short. It has ruined journalism and ushered in a second age of Yellow Journalism this one mostly on TV news networks because
1. Before the 24-hour news cycle reporters only had the morning news and the evening news on television which gave them plenty of time to gather facts before going to air. Now the news is constant and the networks want constant information coming in even though that's not how information works, it often takes time for even officials or authorities to piece together the details of important events or crimes and this leads to speculation to fill air time.
2. Because there isn't actually 24-hours worth of news, these 24-hour news stations have to find a way to fill all that airtime, so the main way they do it is through Pundits. People who aren't reporters and almost always have some type of built-in bias, that are hired not to report the news but to give their opinion on news topics. If you turn on CNN or Fox News or any of the 24-hour "news" networks who you see on your TV screen is almost never an actual journalist and what your watching is almost never the news despite what the station's name indicates. It's almost always a pundit giving their opinion on some topic and not giving the audience the facts.
There is a lot more to why the 24-hour cycle has killed traditional journalism but those are two of the bigger ones. And I teach a media program to HS-aged kids, they are a little better at recognizing opinions from fact-based reporting and pundits from reporters than say, their grandparents are because they have grown up with news in this cycle their whole lives. But, they still aren't very good at it, and that's on purpose the networks do a good job of intentionally blurring the line between opinion and fact and pushing their biases into their programming. It's all about the ratings though and as long as these networks do well enough there, they have no reason to change. Journalism is on life support.