Personally, what I think Fox needs to do with the network is drop the MyNetwork TV stuff. To be honest, I'd like to see a network try and reinvent the wheel....and Fox has the perfect opportunity to do so with the network.
What I would do:
-Drop "MyNetworkTV" and rename the network "Sky" after Murdoch's British operation.
-Get some of Britain's Sky programming over and use this as possibly a syndication alternative during the day.
-Take advantage of the Fox movie and TV show library
-Take the original shows on their cable operations (like FX), and replay (with editing, of course) on the new network
-Cross-promote, cross-promote, cross-promote
-Keep the telenovelas, but put them in early evening.
-I would also ask for more time for the network to occupy a station's daily programming. Considering the ratings for the stations so far, it might not be a bad idea.
News Corp has a lot at their disposal...and it wouldn't take much to essentially make the network and it's operation like a 'clearing house', as it were, for a lot of their stuff...properly scheduled and formatted, they could do wonders with it. And it would be a good way to establish the "Sky" name in the US.