No Stephen Bannon is NOT going to create a cable TV network to challenge Fox News.

Courtesy of The Daily Beast: 

“Steve’s not a TV person. He doesn’t like TV; he loves radio,” said Chris Ruddy, a pal of the president’s and the chief executive of right-leaning Newsmax, whose cable channel reaches around 35 million households. (Bannon is the former and likely future host of Breitbart News Daily on SiriusXM Radio.) “He may entertain notions of building a TV channel, but that’s very challenging to do from scratch,” Ruddy added. “God bless him if he could do that with any speed.” 

Former Breitbart editor at large Ben Shapiro is also among the skeptics. “Bannon had no other place to go except for Breitbart,” said Shapiro, a conservative radio and television pundit who opposed Trump during the campaign and quit the website early last year over Bannon’s lack of support for Breitbart political reporter Michelle Fields after she was manhandled by then-Trump campaign manager Corey Lewandowski. 

Bannon “is not going to be the head of a think tank. He’s not going to be a personality or a talk radio host. He’s not qualified for any of those things,” Shapiro said. 

Instead, Shapiro predicted, “he will try to gain control over the movement he thinks he built—this nationalist-populist movement he thinks Trump rode the wave of. And what that means is he’ll be Trump’s quote-unquote conscience from the outside. You’ll see him go after all the people around Trump—and occasionally Trump himself. He’ll start off with Trump being ‘cucked’ by these people—and then it’ll turn into Trump selling out.”

Steve Bannon is a Right Wing troll, who runs a website, that would probably already be out of business if it were not for the support of the Mercer family. 

And once Bannon starts to really go after Trump that will only knock his website numbers down even further as Trump loyalists jump ship.

In the end I would expect that Bannon will end up going back to talk radio and leaving any hopes of expanding his influence behind.

And actually I would not be at all surprised to see Fox News working to reinvent itself so as to compete in a world where criticizing Donald Trump brings in huge ratings, and providing cover for him only draws ridicule and charges of pandering to white supremacists.