It's not that they're mixing signals from multiple antennas, it's that they're running all the signals through the same transcoding system before delivering the

It's not that they're mixing signals from multiple antennas, it's that they're running all the signals through the same transcoding system before delivering them, which breaks any concept of individual streams from reception to audience. Also, there's an important difference between a time-share rental (which has a single owner doing business with a number of clients) and a time-share co-op, in which use of the property is a function of direct, if partial ownership. If you own the antenna - even in part - you can justifiably claim that your use is personal and non-commercial. However you cannot resell the material to others. And if you don't own the antenna - and are buying access to the material from someone who does - then you're not getting it from an authorized source. Individual antennas was clever, but not clever enough. Individually owned antennas (as part of a audience-owned operation) would be more defensible. But then the investment opportunity would evaporate.