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How is “Fox News” not a Republican PAC?

It is quite obvious that Fox “News” is nothing but a shill for the republicans, and more to the point, for our lumpy, orange, toxic, junk food fake president, the Cheeto.  Because of this, I have to wonder how “advertising” on Fox can be counted as anything but a republican campaign contribution?  How can the FEC rationalize NOT regulating all money going into that place?

It doesn’t require even half a brain to see the obvious connection here.