can I be sued if I used the name to parody their site or portrayal of the news.
Yes. Whether the major media giant has the a legitimate claim or not, you can always be sued.
There are really two questions here. First, did you register a known trademark as a domain name, or something confusingly similar, with the bad faith intent to profit off of the mark? One of the factors considered in an ACPA cybersquatting case is whether the registrant makes a bona fide noncommercial or fair use of the mark in a Web site accessible by the domain name. A parody site, at least under U.S. law, should be protected speech. I'm not sure off-hand what difference adding a commercial component makes, other than potentially to cast the true intent behind the site into question.
The other issue is trademark infringement. Lanham Act trademark infringement is a strict liability claim, however, it, too, is subject to a fair use defense. A number of different factors would have to be evaluated to say whether or not the defense would likely prevail in a given situation.
Accordingly, if you do decide to build the site, make sure you know what's permissible and what is not.
