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LAS VEGAS — A flashy broadcast studio is making its debut at Fox News on Election Night, with LED floors and a sweeping view of Manhattan through bulletproof glass.

Rupert Murdoch, in conversations with staff members, has pledged more reporters, new bureaus — even higher-end commercials. (Mr. Murdoch, it seems, is unimpressed with some of the sleepier ads in prime time.)

And on Wednesday here in Las Vegas, Fox News will celebrate a milestone for a channel that has long scrabbled for journalistic legitimacy: Its Sunday anchor, Chris Wallace, is set to moderate the final presidential debate, the first Fox journalist to take charge of a general election face-off.

It would be the most consequential night of Fox News’s year — if the network had not just endured the most traumatic period in its two-decade history.

Months after the ouster of Roger Ailes, Fox’s longtime chairman, the network is seeking to move forward, even as sadness and anger linger over the revelations from multiple women who have come forward to accuse Mr. Ailes of sexual harassment. Unease remains: Sean Hannity and Megyn Kelly recently feuded on Twitter, the sort of friendly fire once considered a network taboo. Stars like Ms. Kelly have mused about leaving.

So for the team of Fox anchors and producers here this week, Mr. Wallace’s star turn is a welcome source of pride. And, maybe, some relief.

“It was something that was really positive in, you know, not the best of years,” said Bret Baier, Fox’s chief political anchor, as he relaxed in his hotel room after an afternoon taping.

Fox News is relentlessly promoting Wednesday’s debate, frequently broadcasting a photograph of a smiling Mr. Wallace in the corner of the screen. (Other networks use images of Hillary Clinton and Donald J. Trump.) A full slate of Fox talent was flown out for the week, and anchors will broadcast from an outdoor terrace at the MGM Grand.

The selection of Mr. Wallace, a veteran broadcaster with a reputation for tough, mischief-making questions, was particularly bolstering for Fox’s news division, which has viewed itself as an unfairly maligned alternative to the network’s stable of conservative commentators like Mr. Hannity and Bill O’Reilly. The commentators provide opinion, the in-house mantra goes, while the news team deals in facts.

“People have always glommed onto O’Reilly and Hannity and the opinion part of the news channel,” said Jay Wallace, Fox’s executive vice president, who oversees news coverage. “But I think, with Chris Wallace at the debate, it’s really showing that the hard work we’ve put into the news product over the years, when no one was paying attention to us, has really paid off.”

Employees intent on turning the page from a scandal that made global headlines have also welcomed Mr. Murdoch’s presence as the new executive chairman. Several anchors, including Mr. Baier, said that Mr. Murdoch had described to them plans for an aggressive expansion of the channel’s news operation, including the opening of the new Manhattan studio.

“He’s one of us — he’s a news guy,” said Brit Hume, the network’s longtime political analyst, who said he had also spoken with Mr. Murdoch. “It’s a tremendous sense of encouragement.”

It could also be a business decision. Ratings at CNN spiked this year, and the network recently closed in on Fox News in the advertising demographic of viewers ages 25 to 54. MSNBC, though still trailing, has seen an upturn.

Fox News is still ranked first this year for its biggest audience since it started broadcasting in 1996, back when the notion of a Fox-affiliated debate moderator would have been dismissed as ridiculous.

Still, the network must also confront a changing political reality. Upstart outlets like Breitbart News have lured sections of its traditional Republican audience, particularly supporters of Mr. Trump, who has openly warred with Ms. Kelly and occasionally criticized Fox’s news coverage, even as Mr. Trump routinely appears with Mr. O’Reilly and Mr. Hannity.

Mr. Hannity’s full-throated embrace of Mr. Trump has been at the root of some internal dust-ups, including the tiff with Ms. Kelly. (The anchors later posted a photograph of themselves smiling together, with the caption, “It’s complicated.”) Asked about balancing news coverage with Mr. Hannity’s advocacy, Jay Wallace offered a diplomatic reply: “It is nuanced.”

“There is competition between the shows,” he added. “If all the shows were the same, why would anyone tune in?”

Mr. Hannity, interviewed in a Fox dressing room here Monday evening, was asked if he had faced internal pushback for promoting the Trump campaign.

“My bosses have only given me nothing but support and appreciation for the high ratings I get,” Mr. Hannity replied, as a makeup artist fussed with his hair. “As far as my colleagues? I don’t mean this to be disrespectful, but I don’t care what they think. They’ve got their role, and I’ve got mine.”

Mr. Hannity was in a feisty mood, referring to this bearded reporter as a “hippie” and suggesting that he would not get a fair shake from The New York Times. He said that he had great admiration for Fox’s reporters, even if opinion shows like his own helped set his network apart.

“Why are we successful? What’s the reason? Part of the reason is people like me,” Mr. Hannity said. “I would argue that you take away what I do, and what Bill O’Reilly does and what others do, you lose the flavor that makes us different, and then we’re just basically the same as everybody else.”

Has Mr. Hannity given Chris Wallace tips for handling Mr. Trump? “I don’t give Chris Wallace tips on how to do his job,” he said.

What about giving Mr. Trump tips on handling Mr. Wallace? “Nope,” Mr. Hannity replied.

Soon, Mr. Hannity had taken his perch for that evening’s broadcast, a light Las Vegas wind rustling his suit. He spotted this reporter and gave a shout.

“This is the spice!” he said, laughing, referring to his show. “We’re getting back to the spicy part of the network, the one that pays the bills.”

He added, “No one wants to talk about that part.”

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