The only reason it falls anywhere near the definition of journalism is because true journalism no longer exists. It has been replaced by, at best, pure advocacy journalism and at worst flat advocacy. The Daily Show isn't good journalism - it just hasn't fallen as far as most of the rest of the "news".
Sadly I can't think of a single news source today that would have been seen as more than a tabloid 30 years ago. Every reporter, on TV, the net, or in print, is looking to BE the story in one way or another, and that has thoroughly destroyed journalism as a whole.