Very unlikely. There's rumors of an Apple cableTV-like service made up of about 25 channels for about $30-$40 per month and that Apple wants local channels to be a part of that package... BUT that was expected to be revealed with new

TV hardware and it wasn't.
No over-the-air tuner to which one could connect an antenna.
So, the only way (maybe) would be to use Elgato and similar devices hooked to your Mac to record shows, convert them and insert them in iTunes. That wouldn't be live but you could play them soon after live.
Or, shrewd profit-planning by the bean counters looking forward to selling the new

TV5 in (probably) 12-18 months.
The primary goal is to make record profits every quarter and they'll sell lots of these at- presumably- handsome profit margins. Don't confuse what we consumers want with what shareholders want. Those 2 don't align that often.
HDMI connector. While it's possible that a firmware update could make this able to play 4K (the A8 can play 4K), this is Apple we're talking about. It would seem much more likely they'd rather sell us a 4K

TV5 in another year or three.
Not so sure about that. You're looking at the section about music. Click the entertainment section to see a UI of the nav menu for video. Compare the two. The music nav shows "My Music" which is very likely where iTunes music is stored. The entertainment nav doesn't have a "My Video" or "My Movies" tab.
Similarly, the copy talks about playing your HOME movies which may or may not include ripped movies (or that may require retagging all ripped movies from "movie" to "home movie").
This particular one is a bit scary for us long-term

TV owners who have went to the trouble of ripping our movie libraries. It would be a shame to see that particular feature go. We'll have to wait for "hands on" reviewers to give us the good or bad news about this one.