The present invention relates to broadcasting/multicasting of media content over a communication network using shared bandwidth available from peer-to-peer networking. The system of the present invention includes a plurality of broadcast devices, a plurality of receiving devices, a plurality of databases, and a control center. The control center is the central nerve of the network, and provides a number of services, including but not limited to channel control, ad insertion, conditional access, program guide services, and the like. The broadcast device converts media content, which can be television, radio, and other data, received from various content providers, into digital data packets, having a suitable format for transmission over the Internet. Each receiving device will request the relevant packets, decode the received packets, and display or present the media content contained in the packets via an associated device. Packets may be received directly from the broadcast devices or from peers (other receiving devices) on the network.