Hello everyone,
One of my colleague make a report to police that I was stealing merchandise from my retail store operation. The local news picked up the story from the police blotter and ran it on the evening news. All of the allegations were false, and a complete investigation was done by the company I work for, and I was cleared of any suspicion. Do I have a case against colleague or against the television station?

Nothing against the television station but maybe against the colleague. Consult a lawyer with details.