Isn't all for-profit news suspect? Free market advocates would argue that, over time, people will realize that certain news agencies aren't accurate and would then pay (either with their wallets or their eyeballs) for the more reliable news sources. The unreliable sources would go out of business, leaving us with only reliable, fact-checked news.
Of course, the problem with this is that people's metric for "good" news isn't what's accurate - it's what's most entertaining. Or, in the case of Fox, whatever reinforces their existing world view. Market forces don't create reliable news - they create sensational reporting.
This is unfortunate because a reliable free press is critical for democracies to function. Perhaps for-profit news is as fundamentally flawed as for-profit healthcare.