"The broadcaster who gets there first rightfully owns his segment of the spectrum, by virtue of having homesteaded it. Other broadcasters are free to homestead other segments of the spectrum, or the same frequencies in a different coverage area. Disputes are solved in court in the same manner that two homesteaders resolve a dispute over pastureland."
No. there is no "homesteading" broadcast spectrum. It's licensed by the FCC. Disputes are rarely settled in court, the FCC settles them - by telling one or both parties to cooperate or go off the air. They have the authority to force broadcasts off the air if they deem it necessary.
If you read more carefully, you'd have noticed that I stated that. I'm discussing morality, not US law. I also pointed out that prior to government regulation of RF spectra, there were indeed court cases between broadcasters, and they were settled quite nicely using the principles of homesteading. The point of the historical anecdote was to illustrate that the US actually handled the radio waves in a moral fashion at first, before the government decided to take over.