No, fake news is a real and distinct phenomena from propaganda.

Propaganda: The NYT, at the behest of the government, publishing reports of Iraq possessing WMD's in order to lay the groundwork for an illegal invasion and occupation.

Fake News: A fabricated story about a made up individual finding boxes of ballots marked for Clinton, complete with a photo pulled from Google. The story then is pushed on social media sites by sockpuppets.

In other words there's a difference between Judith Miller and Stephen Glass.

Of all the significant distinctions, the most important one is that fake news is driven by the current state of the internet: ad revenue based click grabbing, pushing of content on social media (sometimes through sockpuppets), an elevated level of anonymity, etc.