A few years ago in the mid to late 2000s, Google was interested in bidding on over-air broadcast waves that were no longer being used by the government. The assumed motivation behind the bidding was Google's entrance into the data distribution industry to compete directly with cellular phone providers.
If private companies can purchase certain over-air broadcast waves, what's to stop a holding company owned by Netflix to purchase a channel and stream directly to each person's home.
What you're essentially proposing is that Netflix should become DirecTV.