News Corp.'s (NYSE: NWS) Fox News Channel (FNC) has admitted defeat in the field of political satire. That's because, according to MediaBistro, it will shut down its short-lived attempt to satirize Viacom Inc.'s (NYSE: VIA) Jon Stewart and Stephen Colbert.

The TV news satire show which airs Sunday nights, first aired February 18 with more than 1.4 million viewers. But it has fallen back to an average of 258,000 viewers in its last 10 airings -- while still leading its time slot in every airing except one. FNC will air the final show September 16.

What happened? I don't really know why FNC is canceling the show if it was so successful. And since I've only seen a few clips, I can say that I found those clips to be unfunny. I think Stewart and Colbert satirize what passes for "fair and balanced" reporting on FNC.

And I think it would be pretty hard for any media outlet to do a good job of both creating the object of satire and to make viewers laugh at a satire of the satire of that object.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in News Corp. or Viacom.

Liberals from the coffee houses of Cambridge to the wine bars of San Francisco cackled with joy when they learned that Fox News had shelved the 1/2 Hour News Hour, the News Corp.'s (NYSE: NWS) channel's clone of The Daily Show.

As TV Newser points out, Fox Senior Vice President Bill Shine told staff in a memo that. "There is still a chance you will see the program at some point in the future." The Web site pointed out that the program had its fans, winning its timeslot all but once.

So, why cancel it then?

The anonymous folks on TV Newser's discussion boards certainly didn't find it amusing and suggest that its ratings plunged after an initial spike. The clip I heard on Fox's Web site, which doesn't provide any links to the show on its home page, didn't tickle my funny bone. Neither did the clip on YouTube featuring the always amusing Rush Limbaugh as president and Ann Coulter as vice president.

Jon Stewart probably didn't lose too much sleep worrying about this show.

Fret not conservatives, comedy hasn't died completely on Fox News. Those hysterical cutups Sean Hannity and Bill O'Reilly aren't going anywhere. I'm sure that Neil Cavuto will keep the laughs coming on the yet-to-be launched Fox Business Network.

Maybe Fox will replace 1/2 Hour News Hour with Red Eye with Greg Gutfeld. Red Eye routinely wins the coveted 2 a.m. drunk/insomniac timeslot. Gutfeld is conservative, goofy and at times pretty funny. His program deserves a spot in your DVR though it too isn't on Fox News' home page.

John Edwards has attacked Senator Hillary Clinton and Barack Obama for accepting donations from News Corp. (NYSE: NWS) and Rupert Murdoch. Here's a sampling of his rhetoric:

"News Corp's purchase of the Dow Jones Co. and The Wall Street Journal should be the last straw when it comes to media consolidation. I'm challenging every Democratic presidential candidate to refuse contributions from News Corp executives and return any they've already taken, beginning with Rupert Murdoch."

"John Edwards will never ask Rupert Murdoch for money -- he won't accept his money."

"The basis of a strong democracy begins and ends with a strong, unbiased and fair media –- all qualities which are pretty hard to subscribe to Fox News and News Corp. It's time for all Democrats, including those running for president, to stand up and speak out against this merger and other forms of media consolidation."

But according to DealBook, "News Corporation claims that its publishing unit, HarperCollins, paid Mr. Edwards a $500,000 advance -- and $300,000 in expenses -- for his 2006 book, Home: The Blueprints of Our Lives.

Oops. Don't you hate it when you get caught?

And as for "speaking out against this merger," hasn't Mr. Edwards heard of the free market? If Rupert Murdoch wants to buy Dow Jones (NYSE: DJ), and Dow Jones wants to sell, how or why should it be blocked? It's really not an anti-trust case at all, as far as I've heard.

The only thing more hypocritical than this would be if Mr. Edwards spoke out about poverty but worked at a hedge fund for a large salary. Oh wait ...

Environmental groups are pressuring The Home Depot, Inc. (NYSE: HD) to withdraw its ads from the Fox News Channel because many of the network's commentators poopoo global warming as some wacko theory.

Now, let's be clear. I don't watch Fox News, and I would probably kick my goldfish out of my house if I caught her watching it. As this YouTube video shows, many Fox commentators are hopelessly out of touch with the growing scientific consensus when it comes to global warming. Even Rupert Murdoch realizes global warming is real and has pledged to work to make News Corporation (NYSE: NWS) more efficient.

But I still don't understand why Home Depot would or should withdraw its ads from the network. As the New York Times said, "Home Depot is unswayed, and the environmentalists appear to be doing something they generally discourage: wasting energy."

Home Depot should absolutely continue the substantive green issues it has embarked on, but there's no need to give into a campaign to get its ads off of Fox. Doing so would hurt the company's sales, and that's bad for shareholders. Home Depot should use Fox to promote its environmentally-friendly message.

Britain's Financial Times and General Electric Company (NYSE: GE)-owned CNBC may launch an alliance if Rupert Murdoch's News Corporation (NYSE: NWS) succeeds in buying business news publisher Dow Jones & Co. (NYSE: DJ), according to an article in today's Wall Street Journal. The Wall Street Journal is owned by Dow Jones, while Pearson (NYSE: PSO) owns the Financial Times.

Right now, the Financial Times and CNBC are limiting their discussions to a content -- sharing arrangement between their struggling websites, says the Journal. However, the British newspaper and the business news TV station could expand their collaboration if Murdoch buys the Journal and ends its content-sharing agreement with CNBC. It appears that Murdoch will take that step if he buys Dow Jones, since News Corp. plans to launch a business news channel in October that will go up against CNBC. The Journal currently has an obligation to make its reporters exclusively available for CNBC interviews, and the Financial Times may reach a similar agreement with CNBC if News Corp. gets Dow Jones.

An alliance between CNBC and The Financial Times "makes tremendous sense for both media outlets," says Chicago Tribune columnist Phil Rosenthal.

It makes sense. The Financial Times and CNBC would benefit by cross-promoting each other. The Financial Times stands to benefit to a greater extent, since its brand is not as well known in the U.S. as CNBC. The Financial Times website, for example, has just 90,000 online subscribers, compared with 931,000 subscribers for The Wall Street Journal.

Also, Pearson investors have been clamoring for the company to sell the Financial Times, in order to avoid a "circulation war" with Murdoch, according to a recent Thomson Financial story. CNBC is not going anywhere for the foreseeable future, if we can draw any conclusions from the continuing presence of ratings-poor MSNBC. However, CNBC's website, ranked 58th in popularity among business news websites globally, could certainly use the infusion of new European readers that collaboration with the Financial Times would likely provide.

John Edwards, the former Senator and candidate for Vice President who is in the running for next year's presidential nomination, has hired two consumer activists from Wake-Up Wal-Mar, a union-back political group that opposes just about everything Wal-Mart Stores (NYSE: WMT) does these days. This really is no surprise, as Edwards has hired fire-breathers before to support his campaign. Alas, the last one he hired was dismissed after a huge public outcry led by Fox News personality Bill O' Reilly.

Edwards is again stepping into the mud-wrestling ring by hiring activists Paul Blank and Chris Kofinis. What does Edwards hope to accomplish with this move? Well, although the hiring has not been completed yet, both Blank and Kofinis have campaign management and communications in their backgrounds, and both will be poised to increase the visibility of Edwards while allowing other senior campaign officials to work on bringing in more campaign funds. Edwards has fallen quite a bit behind Hilary Rodham Clinton and Barack Obama in campaign fund-raising, and since we know money talks (and platforms walk) when it comes to elections, the more money you have, the more ears and eyes you can reach.

But does Edwards want these high-level officials connected with Wal-Mart's biggest public adversary to work with his campaign? Wal-Mart is the largest retailer in the nation for a reason: customers shop there and most seem to like it. Although the retailer is constantly attacked because of its size and practices, Edward's decision to use fanatic Wal-Mart adversaries could backfire among a good portion of the American public. Will he back down again?

News Corp.'s (NYSE: NWS) Fox News channel received praise from an unlikely source: former CNN anchor Aaron Brown.

In an interview with TV Newser, Brown described Fox as "very disciplined, ratings-directed news organization, or whatever they are" and CNN as "an organization that is trying to figure out if it can be all things to all people."

Though Brown is bitter about his departure from the Time Warner Inc. (NYSE: TWX) network, he does have a point. Fox didn't only win the cable ratings war because of politics. It hired better broadcasters and put out more memorable shows. Roger Ailes figured out early that people tune into cable expecting opinions and that's what Fox gave them.

CNN has fought back though, adding blowhards such as Glenn Beck and Nancy Grace, CNN Headline News does decently in the ratings. Lou Dobbs' crusade against illegal immigration also has resonated with the public, which is kind of scary. It's also scored its share of scoops including Larry King's Paris Hilton interview. (Yeah she's horrible, but people are interested).

The champagne may be on ice, but is it premature to believe that News Corporation (NYSE: NWS) will succeed in its $5B, $60 a share takeover of Dow Jones & Company Inc (NYSE: DJ)?

While both sides appear close to a deal, the stumbling block remains the editorial independence of the Wall Street Journal. If both sides can reach an acceptable agreement, there's no one else to block News Corp. Late last week, General Electric Company (NYSE: GE) and Pearson, who had teamed up to make a bid, dropped out. But if they can't reach a common ground, and there are plenty of reasons to believe why Rupert Murdoch won't agree to the controlling shareholders -- the Bancroft's -- requirement for the deal to work (Think: Murdoch's editorial independence). It has been reported that News Corp.'s offer would reduce the Bancroft's involvement, but that Dow Jones was set to offer an alternative proposal, as early as today.

No matter what Rupert Murdoch wants, and he very badly wants the Wall Street Journal, the Bancroft family can still walk away and not sell.

Dow Jones(NYSE:DJ) volatility collapses on expectations of a deal. Dow Jones is recently up $7.76 to $61.12 on speculation Rupert Murdoch's News Corp(NYSE: NWS) will raise his $60 cash bid made on 5/1/07. Dow Jones controlling shareholders, the Bancroft family, agreed to meet with Murdoch. General Electric Company (NYSE:GE)has been speculated as submitting a stock for stock bid for Dow Jones. GE's stock for stock bid could be attractive to the Bancroft family because of GE's low beta of 0.85 compared to News Corp's beta of 1.54 if Murdoch would add a stock component to his bid. Dow Jones June option implied volatility has collapsed to 45 from 70 according to Track Data, suggesting decreasing risk.

New York Times(NYSE:NYT) implied volatility suggests non-directional Risk. NYT is recently up .71 to $25.82. NYT over all option implied volatility of 24 is near its 26-week average according to Track Data, suggesting non-directional price risk.

Option volume leaders today are: Dendreon (NASDAQ-DNDN), Apple, Inc.(NASDAQ:AAPL), Dell (NASDAQ:DELL) and Cisco (NASDAQ:CSCO).

Daily Option Update is provided by Stock Options Specialist Paul Foster of theflyonthewall.com.

In yet another sign of the decline of network television news, General Electric Co.'s (NYSE: GE) NBC dumped "Dateline" anchor Stone Phillips. He won't be the last high-priced talent to be shown the door.

As ratings continue to decline for news programs at NBC, Walt Disney Co.'s (NYSE: DIS) ABC and CBS Corp. (NYSE: CBS) profit pressures are intensifying as shareholders demand to see a return for the money being poured into these shows.

That's why Phillips won't be earning nearly as much at his next job as the $7 million USA Today says he earned at NBC. Odds are best that he'll wind up at News Corp's (NYSE: NWS) Fox News Channel, Time Warner Inc.'s (NYSE: TWX) or another cable network such as the Discovery Channel which is now home to former "Nightline" anchor Ted Koppel.

In the wake of Philips' departure, TV personalities up and down the dial are probably quaking in their designer clothes wondering whether they will be next. It's a well-founded fear.

Networks are less patient than ever.

If entertainment programs don't immediately catch on, they are gone after a handful of episodes. Ratings are just as important to news programs. Though nightly news programs have been in decline for years, they still make good money for the networks.

Ratings points translate into advertising sales which translates eventually into profits. No TV star is immune from fiscal realities.

That's why Philips got pushed out the door. "Dateline" has morphed into a program dedicated to catching pathetic sex offenders. His services as a newsman were no longer needed.

News Corp. (NYSE: NWS) posted first quarter earnings of 27 cents a share, a penny above last year. The biggest contributor was Ben Stiller's $571 million hit A Night at the Museum. Increased advertising rates at Fox News, the top rated U.S. cable news channel, helped boost its cable-network profit by 34% to $282 million, beating analysts' estimates of $262 million.

Last month I attended a party at which I met the director of New York City's Museum of Natural History where part of the movie was filmed. I had meant to ask her about how the Museum coordinated the filming with all its other activities, but I failed to do so.

Meanwhile, it is a sign of the depth of my ignorance about America that I do not know why so many people watch Fox News. Every time I am forced to watch it when I'm on the treadmill in front of the bank of TV screens at my health club, I feel like changing the channel. And I'm just watching the picture without even hearing the sound!

Investors reacted to News Corp.'s results with a yawn. The stock is down 1% in early trading.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in News Corp.

If someone offers you $1 million in cash for your house that's only worth $450,000, would you take the money? Of course you would. That's the same situation that the Bancroft family was in yesterday with Rupert Murdoch's unsolicited $5 billion offer for Dow Jones & Co. (NYSE: DJ).

The Bancrofts, descendants of the founders of the New York-based publisher, turned Murdoch's incredibly generous offer down, proving that just because you're really rich it doesn't make you smart. The Wall Street Journal's Heard on the Street column points out that Murdoch's bid valued Dow Jones at a multiple of 40 times 2007 earnings. Google Inc. (NASDAQ: GOOG) currently trades at a multiple of 31.

That's right, the Australian-born tycoon gave Dow Jones a valuation BETTER than Google. He offered a 65% premium over Monday's closing price, which as the column points out, surpasses what the company could have gotten from private equity players.

An alliance between News Corp. (NYSE: NWS) and Dow Jones makes sense strategically. The Wall Street Journal would be a good fit alongside other Murdoch properties including Fox News Channel, The New York Post and the yet too be launched Fox Business Channel.

Though there's speculation about other potential buyers, I doubt that any would be willing to pay the price for Dow Jones that Murdoch offered. Murdoch is an especially motivated buyer, having coveted the Journal for years. This deal is more about gaining clout than creating shareholder value.

The Bancrofts seemed to be letting their pride in owning one of the best newspapers in America get in the way of common sense. They better get while the getting is good. Otherwise, they are going to be stuck in the same rut they've been in for years.

News Corp. (NYSE: NWS) Chief Executive Rupert Murdoch has coveted The Wall Street Journal for years. Now, he's trying to turn his dreams into reality.

CNBC is reporting that Murdoch has made a $5 billion bid for Journal parent Dow Jones & Co. (NYSE: DJ), sending the company's shares up into the stratosphere. Shares of other newspaper publishers including the New York Times Co. (NYSE: NYT) also surged on the news.

Murdoch isn't really interested in creating shareholder value with this deal though it probably will benefit shareholders. Owning the Journal would give him unbelievable influence to set the world's political agenda. That interests Murdoch almost as much as making money.

The Australian-born billionaire also loves to stick it to what he sees as the liberal-dominated media.

He owns the money-losing conservative New York Post to prove a point to the New York Times. Fox News Channel proves a point to CNN and the new Fox Business Channel proves a point to CNBC. The Wall Street Journal would be a good fit among these properties.

Murdoch wouldn't have dreamed of leaking his offer to CNBC unless he'd gotten some assurances from the Bancroft family, which controls Dow Jones, that they would listen to him. The Bancrofts have grumbled for years about the stock's poor performance but have insisted that Dow Jones remain independent.

The offer on the table, though, may be too good to refuse.

New York Times Chairman Arthur Sulzberger, who has brushed aside shareholder critics, is probably on the phone with is bankers right now.

This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and watch out for more Battle of the Brands posts.

The battle between CNN and Fox News isn't a question of liberals and conservatives. That debate was settled long ago and the conservatives won.

News Corp. (NYSE: NWS) makes a ton of money from Fox News, which continues to dominate. Its ratings have rebounded after slipping last year. CNN parent Time Warner Inc. (NYSE: TWX) launched Headline Prime in 2005 as a Fox without Bill O'Reilly, complete with rabid right-wing talk show hosts like Glenn Beck.

One night for fun, I decided to compare O'Reilly and Beck. Boy was I lucky. I picked a night to DVR their shows when both hosts were at the the top of their games.

On his program, Beck railed against all sorts of people bent on destroying the America, including filmmaker Michael Moore, anti-war activist Cindy Sheehan, comedian Rosie O'Donnell, and pop star Elton John.

Elton John? Rocket Man? I was shocked too.

Apparently, Sir Elton is the "high priest of hypocrisy," according to Beck. The singer had a 60th birthday party at St. John the Divine, a big church in New York. Seems John, who has little use for religion, made some changes to the church building for the concert, including removing the pews. To make matters worse, John showed a background of a burning church at his show the next day at Madison Square Garden. Oh yeah, that was on a Sunday.

All of this was too much for the talk show host to take.

"If he wants to drop a few million to desecrate your church than who am I to judge, right? Wrong!" he said of the pop star.

What should MSNBC do now that its dumped Don Imus?

According to the New York Times, Imus generated $50 million in revenue through his shows on CBS Corp.'s (NYSE: CBS) radio division and on the General Electric Co. (NYSE:GE) cable television network. Plus, Imus' program was dirt cheap for MSNBC to air. Imus probably won't lose his job in radio given the sad state of the medium.

MSNBC has got to come up with something. Morning television is a cash cow for both broadcast and cable networks. It can't just keep broadcasting a never-ending supply of prison documentaries. Seriously, MSNBC must have filmed every maximum security penitentiary in the country.

Let me offer a few suggestions for replacement for Imus.

1) Keith Olbermann -- He's smart, opinionated and under contract with the network. Moreover, he would regularly outrage Republicans which would make for entertaining viewing. I don't care that no one agreed with my suggestion that the network should promote him more prominently on its ratings-challenged "Nightly News with Brian Williams."

2) Craig Carton -- One of the "Jersey Guys," the top-rated afternoon talk show that manages to entertain, offend and educate residents of the Garden State. I'm sure Gov. Jon Corzine, a regular Carton target, would be happy to see him leave New Jersey. He got women to make plaster casts of their breasts that were later decorated and sold to raise money for breast cancer research. It was called "Cans for the Cure."

3) Greg Gutfeld -- I learned about this guy in a recent New York Times story that described him as a "compact but enormously animated man." He sounds awesome and I plan to DVR his show and write up a post on it.

4) Jeanne Moss -- This CNN reporter has cornered the market on off-the wall stories. Why not make her a star? Still, she's been at the Time Warner Inc. (NYSE: TWX)-owned network for 20 years and probably has a sweet deal.

5) Gwen Ifill -- She deserves a bigger audience than PBS. She's a seasoned journalist who keeps those troublemakers on "Washington Week" from getting out of hand.

This list is far from comprehensive.

Who would you like to see on MSNBC? Send in your suggestions and I'll pass them along to the network and they will be promptly ignored.