Cable news has long been the subject of mockery by late night talk show hosts and comedians like Jon Stewart for either sensationalizing current events and political news or reporting on pure speculation. This is not even reasonable speculation, either, but knee jerk, "throwing darts with a blindfold on" speculation.
The most recent example of this was the 24-hour news coverage of Malaysia Flight 370 where CNN treated theories like black holes and aliens as worthy of airtime and Fox News spent its time ridiculing CNN, thus creating an on-air spat between the networks.