Definitely. Note though, that this was exactly the concern when cable came out, and got its start by delivering over the air broadcasts from faraway metropolises to subscribers in rural areas or other cities.

For anyone interested in the history of telecommunications, definitely check out Tim Wu's "The Master Switch. There's a section on how new cable companies fought against entrenched broadcasters back when the power dynamic was a little different, really shows how often this same battle repeats itself with different players every time.