Is Live Streaming of TV Channels legal???

One more thing stuck into my mind. I think YOUTUBE does the exact same thing….so if they can do it why not any other site.

YOUTUBE explicitly has a big terms and conditions list that keeps them safe from any copyright media on their website.

Similarly, say if I have Terms and Conditions similar to YOUTUBE that every user has to agree when he registers to the site. And then, if the user posts the code of SOPCAST/TVU channel broadcast say inside his blog, he should be held responsible for any infringement as per the TOS…not the website owners.

Am i rite???Guys, please correct me if i am wrong here…..