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What will/should Fox do with My Network TV?

It won't happen, but ideally Fox could create a genuine programming service for these once independent stations. By that I mean instead of providing single offerings to air during prime time, they could provide a cafeteria selection that stations could select and air and this would include movies and possibly even lower tiered sporting events. Allowing the offerings to be aired in other dayparts would be nice as well. When the stations that now largely make up MyTV were true independents, there were syndication services they subscribed to. A return to that, to some degree, would allow for more interesting programming.
 
It won't happen, but ideally Fox could create a genuine programming service for these once independent stations.

The only problem is that Fox sold its program production division to Disney. There's a very similar problem now with Tribune. MyTV was more designed as a sales network than a programming service. Otherwise, what you suggest might have happened.
 
The larger markets basically use the My Network stations as dumping ground for their (if they have it) co-owned FOX station. WFTC Minneapolis has reruns of stuff that KMSP Fox 9 carry like Wendy, TMZ, TMZ Live, The Real and syndicated shows like Modern Family.

smaller markets carry it as filler and a fair amount have it late night. Markets that have HC2/DTV America stations have a diginet as -1 (Court Tv/AntennaTV, etc) except for the 2 hours where they show "My Network" programming. All it really does is make FOX happy because they can say "we have My Network in _____ markets"
 
KQCA-TV 58 Sacramento is a my network affiliate in Sacramento that's owned by Hearst Television. However in Sacramento the primary Hearst station is KCRA-TV the NBC Affiliate in the area. I cannot see KQCA-TV using the Fox Plus name though but I can see KQCA-TV 58 renaming themselves as KCRA plus in the area airing pre-empted NBC shows whenever KCRA has to go to breaking news.

Note Tribune/Sinclair owns the Fox affiliate KTXL 40.

Update KTXL-TV Sacramento is in talks to become a Nexstar station as of 2019. I don't know how many Non secondary Fox O&O's will use the Fox Plus name besides KPDX the Meridith owned My Network affiliate for Portland though.
 
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