So, we're talking about government regulation of speech. And that already exists, for good reason. Incitement to violence, threats of violence, defamation, child pornography are all instances of it.
All of those regulations exist because the damage done to society by these forms of speech has been deemed outweighing the benefits to society that would result from inclusion of it.
If that is true for fake news is arguable. I happen to believe it is, you seem to think the right to speech outweighs the damage.
But I'm not sure if that's what we're talking about here. Are you arguing that the value of being able to have fake speech outweighs the damage it does, or are you arguing that all forms of speech, including the currently outlawed ones, should be free and no restrictions whatsoever should apply?
Related, the question of a "censorship apparatus" is also open to interpretation - we're settling current restrictions mostly through courts & law enforcement. I would guess the answer if you consider that a censorship apparatus is influenced by what you think about current speech regulations.