How do you think any news media functions?
How do you think any news media functions?
If you are commentating on it and making significant changes, then it can be fair use.
Why do you think all of the media responses to viral things on twitter are "Hey, I'm X from Y News Corp; can we use your footage"?
If it was fair use they wouldn't bother to ask.
The funniest thing about copyright issues is that whenever they come up, people are so confidently wrong about the actual law. Lots of stuff on YouTube is only permitted because the rightsholders allow it to stay up - every cover of every modern song, for example.
And many of those rights-holders only allow it because YouTube built a mechanism that helps them detect these uses and then automatically siphon off ad revenue it generates.