The internet can hold zillions of sites.
The airwaves, on the other hand, are a limited resource - there are only a finite number of frequencies that can be used local to each other before they start to bleed over. Thus, the FCC was created to allocate them.
Of course, the original idea was that the airwaves (including broadcast television frequencies) belonged to the people. The FCC granted a frequency to a station, and the owners had a responsibility to the public.
The decades-long monopoly of the "big three" (ABC, CBS and NBC) rather belied the idea of fair allocations of frequencies. From what people have posted, most radio stations are evidently now owned by a few monopolies also.
A low power station is probably beneath notice. But I'm betting that if a pirate station *interfered* with reception of their broadcast, they'd have the FCC down on it ASAP. Money talks, the government listens.
Back in the day of this movie, however, an underage teen would get off lightly: probably his parents would have to pay a fine and that would end it. These days - if there was something besides a fine, and a person actually went to jail (extremely doubtful, maybe from persistently flouting the laws repeatedly), it would be a minimum-security "white collar" type prison, not a penitentiary.
Hopefully the internet is freeing us from the chokehold these monopolies have on the news we get. The problem with the internet is not how to put information out there ... the problem is getting anyone to listen.
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