Bad analogy! You are saying that CNN, NPR etc... is on the left of the teeter-totter, and that FOX, Talk-radio, etc... is on the right of the teeter-totter. Thus, that makes the teeter-totter the equivalent of Media in general. Thus, by your analogy, all of media would be balanced. I know, however, that you are not trying to say that.
Rather, you are trying to say that Fox is fair balancing. Your analysis could be used for the left too: CNN goes so far left just to balance out the right-leaning ways of FOX. Obviously, using this faulty deduction, it would be absurd to then say that CNN is balancing. But, that is exactly what you are saying about fox. That too, is absurd!
Your kinda sorta halfway on the right track, but still not yet there. No, the media is not "Balanced"...it hasnt been for 40 years. When the upstart FOX news came on the scene, it did, however, move the fulcrum to the right somewhat.
Due to the sheer NUMBERS, removing any particular media outlet on the left will have little effect on the overall picture. The teeter totter still leans to the left. Since FOX, however, is the primary source of conservative news, removing them from the teeter totter would have a much greater effect.
Also, remember the timeline. FOX was added to the picture, and has done so well, simply because the left has had a monopoly on news sources for years. Murdock realised that roughly half the population of this country had no viable voice outside of talk radio. He saw a HUGE market potential, and went with it.
In summation, FOX News provides a news service that aims for roughly half the US population. It is indeed conservative, or at least libertarian, in its presentations. The remaining half of the US splits its viewing between CNN, MSNBC, network news, and Print Media, dominated by the NY Times.(or 'PRAVDA Manhattan, if you prefer)These media sources are indeed leftist, or at least "progressive". Both outlets have strong leanings in there presentation, both have the support of about half the population of the US, and both spin their stories to best represent their particular demographic. The biggest difference is that at least on FOX, 90 percent of their staf will tell you straight up that they are conservative or libertarien. Somehow I dont think we will EVER here any major media personality from Big media admit to being a leftist.