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In fairness to the provision, I think it's outdated, and I've argued against its relevance and that it seems unlikely to me to stand up in any court that interprets 1A jurisprudence to a modern standard, but the law exists and exists specifically to prevent against broadcast lies.
Not true. His ratings have him right in the middle of the pack: https://latenighter.com/news/ratings/late-night-tv-ratings-q...