A bit more analysis on the potential move to Fox: the difficulty is that the affiliates basically own that 11:00 slot right now, meaning that they pay for syndicated reruns and then get all of the profits for it. By having Conan on that timeslot, they'd essentially be giving that slot back to Fox: even if the ratings are better, they get a smaller percentage of the revenue.
http://www.broadcastingcable.com/art...it_for_Fox.php
The other side of it is that because Fox does have a very strong owned-and-operated base (stations that they own and get the profits from), it's possible that they could start with Conan just on the owned-and-operated stations, and allow him to work on building ratings and brand, until it becomes a better proposition for the affiliates.