I think that it is safe to say that "fake" news sites are bad for business. People looking for news particularly online will soon become jaded by inaccurate, clickbait styled headlines from fake new sites and will soon come to associate those with the more genuine news sites as well as a consequence.
Fake news sites are bad for business and dangerous. They support misinformation and teach individuals to be lazy and not research the facts behind what they read. They are designed to appeal to strong radical opinions. They can lead to a loss of support of both individuals and companies based on lies that are spread.
The importance of the news media in providing an accurate unbiased telling of an event, is diminished when fake news stories are released. Many readers are not able to distinguish the true news from the fake and it creates a confusing environment. The use of fake news is rampant on social media and can escalate quickly.
Some of these folks have lost reporting gigs, though most remain in the business, some in high places. The industry, it seems, considers accidentally regurgitating phony news a forgivable sin. That’s not necessarily bad; everyone messes up. What’s worse is that some newsroom leaders seem to view these incidents as mere collateral damage: an unfortunate cost of doing business in the digital age.