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It doesn't have the hardware to function as an AppleTV, but using available apps/hacks, you can stream many movies/shows to an iPad.
 
You can add xbmc to jailbroken iPad.

Also, many cable stations/cable and satellite providers have apps to view their content on iPad.
 
I have a hdmi converter hooked from the Telly to my ipad. I want to mirror the content from my iPhone to the iPad as I would do with an Apple TV..all I can find is software that can mirror from iOS to pc or Mac ...
 
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