I present a dynamic model of breaking news. Firms are rewarded for preempting their competitors and for making credible reports. Errors occur when firms fake, reporting without evidence. While even monopolists err, competition and observational learning exacerbate errors and give rise to rich dynamics in reporting. Competition intensifies faking by engendering a preemptive motive, but is endogenously mitigated by improvement in credibility over time. Observational learning causes errors to propagate through the market via a copycat effect, where a new report triggers a surge in faking. The copycat effect causes herding on the timing of news.