Well according to this:
"When it comes to revenue, CNN brings in much more than Fox News. In 2004, Kagan Research estimated, CNN would end up bringing in $887 million in overall revenue vs. $539 million for Fox.2
The difference is that CNN supports a much larger infrastructure. Kagan puts its total expenses at $550 million in 2004 and Fox News’s at less than half that, $265 million. CNN is supporting a much larger newsgathering operation, with at least 26 foreign bureaus to Fox’s five, and more reporters as well. CNN is also providing content to more outlets, including Headline News and CNN’s international networks."
And this:
"So Murdoch and Ailes built a different product. To begin with, they understood, or soon came to understand, that they might have great appeal in prime time to the same audience that gravitated during the day to talk radio. To do that, they would have to play, as talk radio does, as a conservative alternative to a mainstream press that was perceived as part of a liberal establishment.
They also had some news personalities who were already well known, such as their Washington bureau chief, Brit Hume, and the former Current Affair host, Bill O’Reilly, and contracts with commentators like Fred Barnes.
Fox News hit on a formula of building shows around anchor personalities rather than a universal news desk, livelier graphics and pacing, heavy focus on a few hot-button topics, particularly Washington and politics, and an appeal to its audience in part through ideological affinity. The marketing slogans “Fair and Balanced” and “We Report, You Decide,” seemed to many to be code for another message: The competition isn’t fair. It’s biased.
In short, Murdoch and Ailes turned necessity - limited resources and a possible conservative reputation - into a virtue. They couldn’t compete against either CNN or MSNBC (backed by NBC) on sheer muscle when it came to gathering, verifying and synthesizing information. They played instead to their own potential strengths, and toward what they perceived as CNN’s potential vulnerabilities - being the establishment network that lived and died by events but had rarely been able to create distinct shows. The strategy may well have been the best one available from a business point of view. Fox developed a cable news network whose appeal was not built mainly on the size of its newsgathering resources.
Now, as Fox has grown, it appears gradually to be building up those resources, but as the expense numbers show, they are still not comparable to CNN’s."
It sounds like ol’ T. Turner should just dismantle his news gathering organization and create shows as opposed to news.