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1) It's hard to define: Sophisticated audience measurement companies, like ComScore and SimilarWeb, are agnostic in their definition of what is considered fake news.

2) Which makes it hard to measure: SimilarWeb spokesman Ariel Rosenstein says the site can't always draw accurate conclusions about a website's overall reach based off inconsistent traffic patterns from sites frequently changing domains and subdomains.

3) It's still easy to monetize. Fake news sites can buy advertising through self-serving platforms once they receive enough impressions. Third-party ad-servers, like Google's AdSense, have implemented policies against fake news advertisers, but they have to be wary of over-characterizing which sites are considered real or fake.

4) Because regulators aren't acting: The FTC has the power to penalize sites that mislead consumers or affect consumer behavior. But the Commission rarely enforces the Act on accounts of libel that don't affect consumer behavior.

5) And it doesn't need Facebook or Google to survive: As Digiday notes, ad networks that distribute content to publishers at a low cost are also struggling to keep fake news sites off their distribution channels.

Go deeper

President Joe Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 39 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 1 hour ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.