The same AP that licenses content to its members and charges non-members for the privilege of reusing their content?

"Many newspapers and broadcasters outside the United States are AP subscribers, paying a fee to use AP material without being contributing members of the cooperative. As part of their cooperative agreement with the AP, most member news organizations grant automatic permission for the AP to distribute their local news reports. "

> GN's use seems to satisfy all four factors.

It's weakest at #1 and #4.

#1: it's a commercial piece of work (so far as I can tell GN isn't a non-profit), and the use of the clip specifically isn't critical to the work. If you're critiquing a movie or something, and need to show a screengrab to get your point across, then that makes sense, but if the purpose of the video is just to establish "Trump said this", the video isn't really needed.

#4: see above regarding making recordings of official speeches.

Moreover I'm not trying to argue that GN is definitely not fair use, only that there's a plausible case otherwise. If there's actual disagreement over it's fair use or not, then the DMCA process is working as intended, and Bloomberg isn't abusing it as Louis implies.