What people don't understand even up to President Trump it seems, is that individual stations are allocated the frequency spectrum. They may be affiliated with a network, a few are networked owned, but my understanding is that the Fox/CBS, etc. don't outright own the spectrum. It's your local station that gets it, that you may or may not watch. There are very large station groups that own stations across the country and they will have all sorts of different network affiliations. However, that large ownership grouping killed the individual ownership that might have provided an alternative viewpoint. News was supposed to be "what, where, why, when and how." Now its, "how do you feel?" They don't report news, they report or try to manipulate emotions for a ' better story."
Networks do tend to own the few stations they do in big markets. Losing that under losing a license is possible.