I honestly think some people think every show is a hit and guaranteed. If that were the case, it would be much easier argument to make, but of course that isn't the case. Content creation costs a TON of money, fortunately or unfortunately, it is simply reality.
Perhaps content creation costs too much. I suspect too many overpaid middleman. You don't see the big expensive actors in too many losers.
The average person watches a very small percentage of what is broadcast. Cut the channels and programs by 75% and increase the quality of the remaining stuff by 50% and most people will not only be just as happy but probably happier.
I find it hard to believe that all the ad revenue they get on those piles of weak channels with weak programs somehow subsidizes my viewing. People who buy ads aren't stupid - they pay only what they deem the slot to be worth and for much of that stuff it isn't worth much. People buying ads are "business" people too - they aren't getting suckered more than consumers.