I found this interesting:
When an outlet reports that CNN is trailing Fox , they are almost invariably using this average tally, which Fox has been winning for the past two years. For the year 2003, Nielsen's average daily ratings show Fox beating CNN 1.02 million viewers to 665,000.
But there is another important number collected by Nielsen (though only made available to the firm's clients) that tells another story. This is the "cume," the cumulative total number of viewers who watch a channel for at least six minutes during a given day. Unlike the average ratings number the media usually report, this number gives the same weight to the light viewer, who tunes in for a brief time, as it does to the heavy viewer.
How can CNN have more total viewers when Fox has such a commanding lead in average viewers? Conventional industry wisdom is that CNN viewers tune in briefly to catch up on news and headlines, while Fox viewers watch longer for the opinion and personality-driven programming. Because the smaller total number of Fox viewers are watching more hours, they show up in the ratings as a higher average number of viewers.
CNN regularly claims a cume about 20 percent higher than Fox 's (Deseret Morning News , 1/12/04). For instance, in April 2003, during the height of the fighting in Iraq, CNN 's cume was significantly higher than Fox 's: 105 million viewers tuned into CNN compared to 86 million for Fox (Cablefax , 4/30/03). But in the same period, the ratings reported by most media outlets had Fox in the lead, with an average of 3.5 million viewers to CNN 's 2.2 million.
Even among Fox 's core audience of conservatives, CNN has an edge in total viewership. A study by the ad agency Carat USA (Hollywood Reporter , 8/13/03) found that 37 percent of viewers calling themselves "very conservative" watch CNN in the course of a week, while only 32 percent tune to Fox .
Check out the article for other interesting points. Also, the article was written in early 2004.