Objective: Historically, television has been regarded as the mass medium that is most closely associated with audiences’ needs and expectations. In the context of rapid population ageing, older adults now inhabit a progressively important place in society, and they remain the most frequent consumers of broadcast television. This study investigates the formative role of television among Portuguese older adults—combining informal learning, cognitive engagement, and social connection. It explores how TV contributes to well-being and participation in later life. Methods: An anonymous survey was conducted with 203 participants aged 65 to 94. Results: Television continues to play a fundamental role in older adults’ everyday lives, mitigating loneliness and promoting happiness, information, and life satisfaction. We also saw that higher TV consumption is related with superior income and residence in urban areas. Conclusions: The findings highlight television’s enduring formative and compensatory functions and contribute to ongoing debates on active ageing, media literacy, and digital inclusion among older adults.