Times have changed. Its Roger Ailes leadership is over. And a symbol of its conservative views - Donald Trump - seems on its way to becoming a tarnished brand. Both in politics and business.
So, its current on-air star, Megyn Kelly, is central to its future. No surprise, the influential Vanity Fair says as much in its recent article by Sarah Ellison. The immediate issue is whether she will renew her contract with Fox. It's up in July 2017.
Ellison notes that Kelly has a cordial relationship with the Murdoch Boys, James and Lachlan. Their father, Rupert Murdoch, is allowing them to participate in leading the media empire 21st Century Fox, parent of Fox News.
But Kelly also has her own brand to protect, enhance, and exploit. She won't be young forever. And as we witnessed with Diane Sawyer, on-air media is cruel to aging women.
Kelly could perceive Fox as damaged goods and seek out a workplace not associated with the extreme right points of view of the past. The conservative ethos has become suspect.
If Kelly leaves, others who could build the post-Ailes, post-Trump future could also exit. Then Fox will be history. What it had been will be portrayed as downright cartoonish. SNL could create that kind of negative branding brilliantly.