This comic strip from the The Oatmeal titled I tried to watch Game of Thrones and this is what happened is brilliant.
Talk about encouraging piracy!
The media companies really don't get it. I've mentioned before how dumb they can be sometimes by restricting access to content people want and are willing to pay for with the hopes of maintaining the business model they know.
It won't work. It hasn't worked for the music industry, it clearly hasn't worked for the newspaper industry, and I'd be willing to bet it won't work for TV either. The Internet just changes everything.
Seth Godin explained it in an article titled ubiquity.