The Simpsons still makes money, so yeah, they're not going to cancel it. The problem with Fox is that they can't figure out how to market innovative content, and in many cases they seem to actually attempt to sabotage their shows, by running episodes out of order, not running the pilot, changing the show time regularly, and so on.
Also yes, their news channel blows.
And yeah Family Guy isn't generally interesting anymore either. There are occasional bits and pieces that are hilarious, but for most of it I don't even crack a grin anymore. I haven't bothered watching new episodes in awhile.