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Why has Fox News dropped its 'Fair and Balanced" slogan ?

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Because that's a lie.

Fair and​ balanced news reporting is extremely hard to pull off in any sense. Fox News hasn't had that kinda reporting in a long time if ever. They don't need to have it to keep their base so it doesn't matter. Most Cable news doesn't need to be fair or balanced. They just need to rile up their watchers.

Any one that thinks most sources are fair and balanced need a reality check.