If he wants to invest in one, start with One America News Network: http://oann.com/.
At the moment, the best investment would be to expand their audience. More cable systems would be a start, but a free streaming option would reach the millenial and cord-cutter demographic.
OANN is is available on KlowdTV for free during their beta test through the end of 2016. But, that is only a few more months.
The second step would be a targeted advertising campaign: banner ads would be a good start, but insertion into existing streaming video would expand their audience.
Once they build their audience, investment into original news programming would be the logical next step.
Hire Laura Ingraham, Monica Crowley, Ann Coulter, Kayleigh McEnany & Mike Cernovich, have something like The Five! =)