Should Current Affairs programs be allowed to ridicule celebrities in the manner that they do?

For example the Sheen/Gaddaffi Mash up on Sunrise Australia as depicted by a reporter for the Telegraph news. To me, it wasn't even funny or even news worthy and I hope the program managers and the reporter get sued for billions of dollars for showing something that could be misinterpreted by viewers unwary of those celebrities, for misrepresetation and slander