Can I stream local channel content with Chromecast and will Chromecast drain my HTC One M8 battery?

[AC Question]

We want to cut the cable TV. We still want to view content such as news broadcasts, PBS, CNN, etc. but I'm not sure how that would work with Chromecast. Will Chromecast/Android access the website to stream content as if I was viewing it on my laptop or will I have to use a mobile app to stream content to view on my TV? And will using Chromecast as a substitute for cable tv drain my phone's battery (HTC One M8)?

 

[Jims S5]

Have you looked at the Plex app? I use that with my laptop as server and the Plex app on Roku.