You are generally correct, but plunging ratings means that all cable services will be in a strong negotiating position to reduce how much they pay to carry Fox News. So while you are still paying for Fox News as long as you have a cable/satellite subscription, as Fox News ratings tank, cable providers will pay them less and less. Eventually, sooner than later, they will care about crashing revenues.
That’s a good point. Of course, their ratings will still crash if all their former audience cancels their subs, and then they’ll feel the pinch from both ends. Not to mention, you’re still lining the pockets of CNN, MSNBC and the entire constellation of enemy communications even if you never turn on your TV, so it’s best to just pay yourself with the money that they were counting on.