There are several ad exchanges which will manage this entirely for you.
> plus you need to either hire people to run it or pay someone to manage it for you.
You can do most of it with automation. You just need to create a "break in" and "break out" signal to send to the advertising platform.
> so the station may not even have streaming rights for the content they have broadcast rights for
This is most of the issue. CBS, NBC and ABC don't give you very much latitude with their national network content. So local news and sports are usually the only space you can sell into. I've seen a lot of broadcasters setup scheduled streams that have full programmatic replacement running on them that only exist when local sports are in season and for the few hours a week they're actively played.