“Regulators invited public comment on whether the US broadcast license for Fox Corp.’s TV station in Philadelphia should be renewed after a grassroots organization asked that it be denied, saying Fox knowingly broadcast false news about the 2020 election.”
A streaming-first approach might significantly shrink their audience at least. I don’t think most people watching FOX will go sign up for a separate streaming service and throw that on their TVs. I know at least when I was living in the midwest, a lot of restaurants would play it on their TVs inside. I’d be surprised if that didn’t push them to playing some other channel instead.