This point has probably already been made, but surely part of the problem is that they saw a potential market in the frothing loons on Twitter, which does look like a potentially lucrative demographic to milk. The problem is that unlike someone like Alex Jones with his online-only platform, they went for a TV station which is always going to be subject to regulation in terms of what can be said (ie they can't really do actual hate speech). So the people they want to capture as an audience will never fully buy into it, as they'll never be able to go extreme enough to give them what they're actually looking for.