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Damn good question. Imagine if the Wall Street Journal started a cable news channel--how cool would that be? I'd watch it. Seems like it would be a pretty lucrative demographic for advertising, too.
It does seem that the media attracts a certain type of person, like academia does. This has led to the incredible structural bias we see today. Change certainly won't come from the bottom up, it'll have to be a top down demand for impartiality that drives hiring. Unfortunately, Fox News really hasn't tried very hard in that department, it seems to me.
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