This happened years ago and was widely publicised. Fox lawyers argued in court that Fox News has the legal right to lie and distort the news as much as they want - and they won the case.
http://www.ceasespin.org/ceasespin_blog/ceasespin_blogger_files/fox_news_gets_okay_to_misinform_public.html
http://www.ceasespin.org/ceasespin_blog/ceasespin_blogger_files/fox_news_gets_okay_to_misinform_public.html