Have we reached peak TV?

Probably not, but right now American ownership is going down:

The Nielsen Company announced the 2012 Advance/Preliminary TV Household Universe Estimate (UE) is 114.7 million, down from 115.9 million in 2011. Marking the first integration of the 2010 Census counts, the 2012 UEs reflect an aging population, as Baby Boomers increasingly shift out of the 35-49 demographic, as well as greater ethnic diversity.

The 2012 UEs also reflect a reduction in the estimated percent of U.S. homes with a television set (TV penetration), which declined to 96.7 percent from 98.9 percent.

There is much more at the link, and for the pointer I thank Mark Thorson.