We present a strategic investment framework for mobile TV delivery by two potential operators: broadcaster (DVB) and cellular (MNO), in the presence of demand and operating cost uncertainties. We consider two settings: a cooperative one where the two operators run a convergent hybrid network, and a competitive one in which each operator builds its own network, if it decides to enter the market. We define a real option game theoretic framework and propose a new bi-level dynamic programming algorithm that solves the optimal profit maximization problem and yields the optimal investment decisions of both players.