Forgive them for being confused. From the postwar period to sometime in the '90s, acquiring a local broadcast license was notoriously "a license to print money." All you did was put up a tower, pay some pompadoured idiots a few bucks to be the news announcers, get a weather and a sports guy, hook up with one of the three networks, and watch the gold rush in.
They started having problems with all the variety of video coming in sometime in the '80s, with cable, VHS, video recorders, DVDs, DirectTV. Suddenly the networks, the big three and now the big four, started making less money at the local level. The cost of production at the network level went up. The networks themselves took over production in a shrinking market, and thus, reality TV. And cable, that had shrinking margins anyway because they were still in broadcast mode, all 500 channels offering themselves at once in a cacophony, turned the quality news operation that CNN had into the booming, screaming purveyors of nonsense. And opinion, too, because that's cheap.
So now we have a massive output of cheap crap, all ankle-chained together by cable into packages and tiers. The Internet is there, and the younger generation suddenly vanishes. So the networks have to go on the Internet. They don't speak Internet. Hulu's execs, I think, understand their stupidity, but the networks still have the content, such as it is. And the fat monopolists in those offices don't understand a single thing about the Internet, because it's not in their economic interests to do so. If we had given the power to decide where the airplanes could fly to the railroads, we'd have like five planes in the air at any time.