They're dying because because we live in a time where the things they say can be checked in near real time, and people can almost immediately mock and ridicule them when they lie. Not to mention access to faster (and often times better) reporting through the internet. People will constantly go on and on about the "dangers of fake news on the internet" and it's not unwarranted, but at the same time the corporate press get things wrong all the time, often intentionally.
Fox News does have higher ratings compared to other outlets, but I mean honestly look at the competition.... Joy Reid?
As far as I can tell what's going to replace it is a combination of X, Substack, and youtube/internet streaming sites, with people linking their work across the various platforms, forming little tribes and networks along the way. Sort of like what the Daily Wire, Blaze, TYT have done.
A concept that I think is underutilized and sort of forgotten about is Public Access TV. It's basically free, and is built on 1st Amendment principles. It would be cool to see people broadcast from a local public access station, and then just have a network of servers set up that people could log into and watch online if they wanted to. Bandwidth is the biggest inhibitor, which is why so many people just use streaming platforms, but if you wanted to broadcast without being beholden to the platform (rumble, youtube, etc.) or advertisers, you could get a handful of people to set up various servers around the country in a network. Like a public access TV TOR system.