Legal Action Against False Smear Ads/News Reporting?

The blatantly false ads attacking the President seem illegalto me. I'm not educated in law, but could this be considered something like defamation of character?

I thought the false reporting on Fox seemed illegal but that was before the political ads started coming. However, these ads are not being showed on cable and wouldn't be protected in the same way the Fox News Channel is.

Can't Crossroads GPS and the rest be held legally accountable for this? They could be sued and then be demanded to make reactionary statements, just have other media publications have had to do in the past (tabloids). That would really blow everything up in their face and hopefully put an end to this major problem.

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