The problem isn't Fox News. Fox News arose because ALL of the media was blocking neutral and conservative viewpoints.
But to address your question as asked, if Fox News was erased, then the Left would once again have a total lock on setting out the terms of discussion.
I think Fox struggles between the people who want to do serious journalism, and the people who want to do advocacy journalism. Guys like Shepard Smith and Chris Wallace, who are actually serious journalists, probably cringe at having to share a network with guys like O'Reilly and Hannity.
MSNBC is purely advocacy journalism, and they make no secret of it.