After all, he accused the cable news leader of a federal felony in his blog post.

. . . Fox News spreads seditious lies to its demographic sliver of an audience. . . .

Now according to federal law, here is the definition of and penalty for seditious conspiracy (which is certainly what the "seditious lies" of the network would qualify as being).

If two or more persons in any State or Territory, or in any place subject to the jurisdiction of the United States, conspire to overthrow, put down, or to destroy by force the Government of the United States, or to levy war against them, or to oppose by force the authority thereof, or by force to prevent, hinder, or delay the execution of any law of the United States, or by force to seize, take, or possess any property of the United States contrary to the authority thereof, they shall each be fined under this title or imprisoned not more than twenty years, or both.

Identify the acts of sedition and the parties to the conspiracy, Mr. Klein, or retract your statement.

And if Joel Klein will not do so, it is incumbent upon Time magazine to fire him immediately.