yes it is.
Yellow journalism is used today for the same reason that it was in the past; that is to advance someone's personal agenda or their political views.
swine flu
yellow jouralism was used in big cities
To "Smear" the opposition. To exagerate news and enrage readers
I'm not sure if this is what you meant by the question, but I'm taking it as "what significance in today's society did the yellow journalism of the late 1800's produce?"well, it completely...
What is Yellow Journalism
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W.R. Hearst and the Spanish American War
Teaching and Studying Journalism