Actually it's already happened. MSNBC and -- sometimes still CNN -- are the most blatantly egregious example of this sort of thing because they are cable channels without the political gravitas of the three traditional and now ancient broadcast companies and so they are more open in their embracing of racism and hatred.
But then again their audience share is relatively tiny compared to ABC, CBS, and MSNBC's 'parent company' NBC. Those two cable companies are kept on the air only through massive and continuous outside infusions of cash. If that ever dries up, then they will fold like bad poker hands.