I said it yesterday, if ABC could think with their heads instead of their tingly parts, they would create an alliance with Fox News, which has everything to cover global news, and co-opt the “fair and balanced” approach to hard news. Gee, balanced reporting, what a concept...
I'm not sure if FNC would be interested in such a deal, even if they were presented with the opportunity as they already have their own broadcast relationships established with their affiliates.
And, if they were interested, it probably wouldn't survive anti-trade review by Justice. The laws that govern broadcast licenses are pretty restrictive with respect to what business relationships may be entered into with competitors. Since Fox and ABC both own broadcast networks (and Fox also with their cable network), it may not be legally possible to create any kind of alliance or partnership between the two.
There have been negotiations between CNN and CBS, but in that relationship, only CBS owns a broadcast network. CNN and its parent company Time/Warner are all cable.