[mahranch]

> But, the only reason they can't do this is "contracts"?

You make it sound like the contracts aren't a real barrier. If they break their contracts, they could face millions, nay, billions in fines, fees, and settlements from being sued by everyone they had a contract with.

> they could today stop signing these "old media" contracts

They have. But contracts for broadcasting rights are usually 10 year deals. And up until recently (2010-ish) they were usually just automatically renewed. So you're looking at old media sticking around until 2020-ish. By then, most companies will have moved on from the old way of doing things completely.