I guess the fact that they've been labeled everything but real "news" by the White House (see: Fox News Is 'A Wing Of The Republican Party' and White House officials on Fox News: 'It's not a news organization'), and by nearly everyone who doesn't sit mesmerized by their special brand of reporting, Fox "news" needed to come up with a new tag line to counter it.
Out goes "Fair & Balanced. In comes "Hard News. Real Reporting."
I'll give them this: Fox sure is has that propaganda thing down pat.