Here is a longer paper(pdf) about how television viewing affects life satisfaction. Only economists would phrase things this way, but they believe that tv replaces "relational goods" or in other words, relationships.
The paper goes on to state that tv creates a network of virtual relationships that actually replaces real social relationships. This can help explain why rising incomes in developed countries do not lead to more happiness. People spend their money and time on tv-type entertainment and invest less in relationships.
