So you have to send out one (or maybe a couple) of signals protected by a key.
Yes, you can distribute that key individually to clients using public key cryptography over the same link (and many services like pay TV do exactly that).
But fundamentally any client who is able to decrypt the main stream can also share the key with someone evil who can use that info to jam the same stream.
Obviously you could have some "revoke each players keys in turn until the jamming stops" scheme, but it seems suboptimal.
To add to that, other people won't be able to spoof the original stream (as that needs the private key), but instead only jam it.
It would be the same failure mode as SSL certificates.
An attacker can record the streams and replay them milliseconds later.
A client can protect against this if they have an atomic clock, but that's only for clients willing to pay a decent amount.
