In this paper we present an analytical model that studies the strategic role of fake media content in a media market. We first find the conditions under which a monopoly media platform would publish fake media content. Then we show that certain opposite patterns exist in a competitive environment. Our results suggest that media platforms may find optimal profitability in publishing apparently less credible fake media content if the fake content can resolve consumers' cognitive dissonance. We find the exact equilibrium conditions under which both the platforms in a duopoly setting will find publishing fake media content as the optimal strategy. Additionally, we show that under specific conditions both platforms publishing fake media content can turn out to be a Prisoner's dilemma equilibrium. We also compute the relevant consumer surplus. Lastly, we use experiments to validate some of the results established by the analytical model.