Let the hive mind of Engadget get that for you.
"I am looking for a device that will stream sound from one source to several recipients. For example, I want to stream sound from my TV or stereo to my phone or MP3 player that has radio and Bluetooth capabilities. I have looked into radio transmitters and they seem like a decent choice, but I can't find one that uses external power (USB or from the plug) and I would want one with a transmit range of around 50 meters. Thanks!"
"They had me up to "proprietary"..."
Why?
Even though current cable and satellite television uses MPEG2 (or MPEG4), you can't just hook up a 'pure' feed to your television without their 'proprietary' set-top-box.
I strongly support non-proprietary, open formats for internet, file based distribution. Closed systems that distribute directly to the home are different. They offer a service that is targeted to real-time consumption. You can always use a Tivo like device to capture the video (post proprietary decryption) if you want to generate files or time-shift.
Also, this is a great solution. Even though it's technically possible to distribute 1080p through the internet, how long do you think ISPs will provide 'unlimited' bandwidth once a critical mass of people start downloading that volume of material? They're business model is contingent on people not using up anywhere near a maximum bandwidth. The additional ISPs costs will make all the nice open format, cheap/free (or stolen) online content prohibitively expensive to download once enough people jump on the bandwagon.