The airwaves are a limited resource, and times are a changin'. TV stations don't simply get to hold on to their spectrum for no other reason than "they've had it forever", or even "we'd go out of business." The airwaves are a public resource, and should serve the public, not some archaic business interest. Moreover there are other technologies that may be more suited to distribution of your local news.
Further, the local TV stations, just like all other forms of media (Movies, Radio, Newspaper, Music) are fighting a losing battle. Younger people don't care what you the TV gods think they should have or want, or how they should get it. Just like the Music business..... fight a losing battle, and lose. Either change and adapt or die. You can ramble all sorts of righteous words all day and it won't change a thing. Adapt or die.
As far as Aereo, I hope they win.
As far as TV stations and their spectrum, if technology can solve a problem in such a way that frees up spectrum and still allows the tv stations to broadcast, they have a duty to do it. If the cost is too much for them to bear, then either find a sugar daddy, or close up shop.