[gorner]

U.S. cable/satellite-only channels like Fox News do not have FCC licenses. There may be a few general regulations they have to abide by – things like closed captioning – but they do not have to answer directly to the FCC (unlike local broadcast stations).

Theoretically the Federal _Trade_ Commission could go after them if they had proof they were advertising falsely, though I think people have tried to bring complaints in the past along those lines and failed.