Well.... maybe.
It is more accurate to say that it will put a LOT more processing power into low-power mobile applications than previously dreamt of.
What then happens to marginalize cable TV, et al will be in part dependent upon carriers and how much they charge to deliver all that information to the mobile devices.
Here's what I'm thinking. The handheld device becomes your primary internet interaction device. So for business you plug it into the back of a laptop that does nothing more than serve as a keyboard and display.
For radio, there are apps for that now, world wide. For TV, most everything comes off the net and there's much over the air digitally. For movies, stream from Netflix.
That leaves sports and breaking news, some of which is over the air.
So the little hand held becomes the remote control, DVR and conduit for your large screen in home TV.
Good bye $100 per month cable bills.