Why is New York Times v. Sullivan such a precedent setting case for the American media?

The New York Times v. Sullivan set the standard for libel cases in the United States.  This case made it where libel can only exist if the publisher knowingly publishes false information with intent to harm or negligently publishes information.

This supports the first amendment.  This meant that simple mistakes or misguided statements wouldn’t bankrupt newspapers.  This protected the newspapers from publishing verified information that later might prove differently.

This landmark decision only makes common sense.  If a person makes a statement against a public entity and it isn’t meant to be negative, then why should they be able to sue?  They shouldn’t.  No harm was done.  No harm was meant to be done.  Had this decision not happened, then essentially a person can sue another person just for talking about them.