Once upon a time, many lesser-rated TV stations in big markets would do news as a loss leader, to show the FCC they're doing SOMETHING in the public interest. I remember at sign-on and sign-off when WOR-TV 9 would do a 30 minute rip and read newscast with no video, just a slide saying "National News" or "Weather" while the booth announcer would simply read wire copy. Of course, nobody watched it. But they could SAY they were doing an hour of news each day.
I notice KCOP does its news at 7pm, when no other major LA station has news. I believe they used to do a 2:30pm newscast as well. Obviously, they're doing these newscasts to placate the FCC.
But how can each station now get away with doing NO news, while raking in Major Market Money? It's one thing if a station in Fargo drops its newscasts to make ends meet. It's another thing for stations in the two largest media markets, both owned by Fox, to do it.