The press throws around "1st amendment" as if it is a synonym for telling the truth. The 1st amendment protects telling the truth, sure (the Zenger case), as well as opinion of all flavor, as well as untruth. It is approximately the freedom to say whatever one wants, short of defamation and incitement to riot.
At any rate, when I read the press touting the 1st amendment, I mentally substitute "freedom to lie and mislead," because that is what the press does the most of.