“There may be certain elements of our audience that turn away between now and the inauguration,” says Roger Ailes, chairman and CEO of Fox News. “I think cable numbers overall will drop, although there is a fascination with Obama.”

And part of that fascination will now come in the daunting challenges his administration will face: two wars, a financial crisis, soaring national debt, crumbling domestic infrastructure, failing schools. All of which should keep the hyperbolic news cycle spinning almost as fast as it has during the runup to the election. Historically, the dawning of a new administration brings a renewed level of scrutiny from the media and interest from viewers—something Ailes is looking forward to.

“I remember when Bill Clinton took over and within a very short time he had to get rid of a couple of appointees,” he says, referring to Zoë Baird and Lani Guinier. “And then he got into gays in the military, and suddenly issues became critical and our ratings started to climb back up. I expect a dip over the next couple of months and then a big return to our numbers in late January, early February."