When Walt Disney Co. announced it would end the suspension of Jimmy Kimmel Live! on Monday, after several days of protest, subscription cancellations and boycotts, defenders of the First Amendment (on all points of the political spectrum) rejoiced.

That victory came with an asterisk, however, after Sinclair Broadcast Group and Nexstar Media Group doubled down on their decisions to preempt the show across the roughly 70 ABC affiliate stations they own between them — nearly a quarter of the network’s reach.

But just when it seemed like the power of media consolidation would trump the will of the public, audiences had the last laugh on YouTube. The record-breaking 21 million (and counting) views that Kimmel’s Tuesday monologue has drawn on the platform should rattle Sinclair and Nexstar because it confirms YouTube’s power in redefining how Americans consume television.

In today’s media landscape, where viewers have unprecedented autonomy to watch whatever they want, Kimmel’s return was essentially an open-book test — one that Sinclair and Nexstar failed. As the two companies continue to hold their ground, they should consider whether their stubbornness could contribute to their own obsolescence.

Both might be relieved that Kimmel’s Wednesday and Thursday monologues — currently under eight million and two million views on YouTube, respectively — aren’t climbing as quickly as Tuesday’s. But that’s unsurprising; Tuesday’s show was nothing less than a historical event, and that urgency is difficult to recapture. It doesn’t negate the fact that the dynamics of television are not in Sinclair and Nexstar’s favor.

Viewership on streaming platforms has eclipsed broadcast and cable (and, in recent months, both of them combined). Late-night talk show clips have proven especially popular on YouTube, where they are frequently viewed and shared the next day and beyond by younger viewers.

Their older counterparts were traditionally more likely to watch live television and broadcast networks, but even that is changing. As the New York Times noted over the summer, “since 2023, viewers over 65 are the fastest-growing age group for watching YouTube off a television set.” In other words, Americans who might have tuned into Sinclair or Nexstar stations to watch the return of Jimmy Kimmel Live! had to go to YouTube. If those stations aren’t careful, that audience might not return.

But Sinclair and Nexstar aren’t just risking the loss of viewers; their decision has put them squarely in the crosshairs of new critics. Before ABC removed Kimmel from the air over his comments on the political fallout of Charlie Kirk’s murder, the average TV viewer likely had no idea there was any separation between station ownership and the network. Now many of them do, and they’d like to know why a high-profile show isn’t on their television.

Analyses of the ensuing conflict, including what to make of FCC Chairman Brendan Carr’s threats of fines and license revocation if Kimmel wasn’t pulled, have drawn attention to questionable explanations. Nexstar has openly courted the Trump administration and FCC’s support as it attempts a merger that would give it control of a staggering 265 local TV stations totaling 80% of American households, more than double the current 39% ownership limit. Sinclair, meanwhile, is similarly petitioning the FCC for deregulation of the rules regarding broadcast ownership.

And so, to an extent, reinstating Kimmel may have been a smart play on the part of ABC and Disney, because the move allowed them to pass the buck and the blame. Perhaps sensing the drift of the winds, Nexstar issued a statement Wednesday insisting that it is “engaged in productive discussions with executives at The Walt Disney Company, with a focus on ensuring the program reflects and respects the diverse interests of the communities we serve.”

Anyone with a passing knowledge of the history of censorship in America knows how loaded the notion of community standards is, but its application here is particularly puzzling. How can this company, which owns 32 ABC affiliates, be so certain of the “interests” of 32 separate communities across the country? Better yet, how do the members of those communities feel about their standards being determined by corporate offices in New York, Chicago and Irving, Texas, — where Nexstar owns no ABC stations?

These aren’t trick questions. Judging by the fact that so many people have sought out Jimmy Kimmel Live! on their own, the public already has the answers.

More From Bloomberg Opinion:

Want more Bloomberg Opinion? Terminal readers head to OPIN <GO> . Or subscribe to our daily newsletter .

This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.