In this article, we quantitatively analyze how the term “fake news” is being shaped in news media in recent years. We study the perception and the conceptualization of this term in the traditional media using eight years of data collected from news outlets based in 20 countries. Our results not only corroborate previous indications of a high increase in the usage of the expression “fake news”, but also show contextual changes around this expression after the United States presidential election of 2016. Among other results, we found changes in the related vocabulary, in the mentioned entities, in the surrounding topics and in the contextual polarity around the term “fake news”, suggesting that this expression underwent a change in perception and conceptualization after 2016. These outcomes expand the understandings on the usage of the term “fake news”, helping to comprehend and more accurately characterize this relevant social phenomenon linked to misinformation and manipulation