in the history of the world, if you are talking about quality journalism, where you have to pay people to do real reporting, and go travel to do interviews, in the history of the world, it would be hard to name the quality journalism organization that existed solely on advertising revenue. The closest is the broadcast networks in the '60s, '70s and '80s when they had 90 percent of the eyeballs in the country. And even then their news operations mostly didn't make money and were really considered a public service.
Meanwhile, people say CNN is down. But it is still making hundreds of millions of dollars. Why? Because viewers are paying for it through their cable fees. Thus there's a dual revenue stream. It's the same at MSNBC, which is highly profitable. And Fox is the most profitable cable channel. They might not all be the operations I would personally run. But, in the case of Fox News, they do something distinctive, pay good money to produce their product and then depend on people wanting to have the channel on their cable system, paying for it and watching
It's the same song all over again, ever since the traditional media ever discovered the internet - if you pay peanuts, you get monkeys. Alas, content on the web is in an infinite supply mode so one has to know what its competitive advantage is to somebody who consumes content on facebook for free.