A study published by scholars at Vanderbilt University titled “The National News Media's Effect on Congress: How the Spread of Fox News Affected Elites in Congress” found that between its incorporation in 1996 through 2000, Fox News exerted a “modest effect on elected officials' positions,” which became “slightly more conservative.”
The study concluded:
[W]e find no evidence that Fox News increased the probability that an incumbent would be replaced by a more conservative representative, but we do find consistent evidence that elected officials become slightly more conservative once Fox News enters their district. Moreover, the effect is largest among Democrats located to the left of Fox News in the ideological spectrum.
(h/t BuzzFeed)