Fake news poses a threat to democracy. The rise of social media and its lax content regulation have facilitated a dynamic environment where mis- and disinformation are spread. However, social media is also the place where false information may be corrected. Initial scholarly efforts begin to highlight what is needed for citizens to take corrective action when exposed to fake news on social media. This study is a further step in that direction by introducing the construct of 'fake news media literacy'. Relying on survey data from the U.S. (N = 1338), we show that news media literacy in terms of media locus of control and need for cognition might not be sufficient to take corrective action; individuals rather need to develop specific fake news literacy. Implications for media literacy initiatives are discussed.