The media is very liberally biased, as many people are aware of. That doesn't just remain true to news stations, but reaches the entertainment channels as well. I have been a part of a company that had to deal with a lot of yellow journalism and after seeing first hand how easily that gains popularity, it comes as no surprise to me that major media covers incorrect, biased stories.
Yes, media companies are very influential in today's society and they should take care of the people's mental health and generally the sole messages they are sending to the society. If they fail to be serious and conscientious, then they should be sued. Just look how many murders happen all over the world just because people are watching violent TV program.
The internet has changed media significantly in recent years. Because stories are made public so quickly, they are not properly verified and investigated. Even large media companies that were once reputable now publish gossip and rumors as truth. These companies damage people's reputations and sometimes put lives at risk. It should be easier to hold them accountable.
It should be easier to sue media companies because the law in its current form requires a higher standard of proof to sue media outlets than it does private persons. This gives a reckless media the ability to be even more reckless, simply because it wants to sell airtime, papers, etc. As for you and me, we can be sued until we are broke.