Many, if not most, TV stations would turn unprofitable if they were denied the carriage fees they get now from the traditional distribution systems.
Do you have any idea of the median or average percentage of revenue a typical station makes from distribution fees? With the very heavy commercial load my local network affiliates have (Phoenix) I would think they are doing very nicely from their spots.
I say that after watching the CBS network news Friday night that had either a 6 or 7 spot commercial break. Getting as bad as radio.