Now, in the wake of violence at the Capitol and Mr. Trump’s increasing isolation within his own party, Fox News is finding a path forward: sympathize with the grievances of a Trump-adoring audience that has finally acknowledged its tribune has fallen. Become a MAGA safe space.

“Tens of millions of Americans have no chance; they’re about to be crushed by the ascendant left,” Mr. Carlson claimed. “These people need a defender. You need a defender.” It was not hard to deduce whom he had in mind…

Trump TV, which could have posed a significant challenge for Fox News in 2021, now appears less of a threat. Industry experts say the reputational damage that Mr. Trump sustained in the wake of the riots — and his abandonment by allies and donors — has severely hurt his ability to get a viable Fox News competitor off the ground.

“This has not been a positive note,” said Christopher Ruddy, a confidant of Mr. Trump and the chief executive of Newsmax.