I always thought that the TV channels sell ads by eyeballs. Retransmitting a signal only increases the number of eyeballs. Hell I know Comcast used to demand payment from smaller channels (like the Golf channel) because of that while the majors demanded payment.
I am beginning to think that an ALL Internet business model based on the sale of eyeballs has got to be the future and that, like the recording industry, the major networks will fade into oblivion. I hope.