Happy Days is owned by x. They sell the rights to the show to smaller, local stations.

Local station in 1985 has 3 competitors. Local station pays too dollar to lease Happy Days because they want more viewers and can charge more to advertisers.

Advertisers are willing to pay more to be watched by more people. But especially people in the 16-35yo male demographic. And that’s who was watching Happy Days in 1985.

Plus it was better than what’s on the other 3 channels (which were probably Donahue, local news, and After School Specials).

Everyone wins.

It does still exist today. I challenge you to watch Extended Cable for 3 daylight hours and not see one episode of Big Bang Theory.