This paper explores and presents scenarios and business models for mobile network operators (MNOs) in the novel hybrid use spectrum sharing concept of the Ultra High Frequency broadcasting spectrum (470-790 MHz) used for Digital Terrestrial TV (DTT) and Mobile Broadband (MBB). More flexible use of the band could lead to higher efficiency in delivering fast growing and converging MBB, media and TV content to meet changing consumer needs. On one hand, this could be beneficial for broadcasters (BC), e.g., by preserving the spectrum, by providing additional revenues, or by lowering cost of the spectrum and, on the other hand, for MNOs to gain faster access to new potentially lower cost, licensed, below 1GHz spectrum to cope with booming data traffic. As a collaborative benefit, the concept opens up new business opportunities for delivering TV and media content using MBB network with means to introduce this flexibly. This paper highlights the importance of developing sound business models for the new spectrum use concept, as they need to provide clear benefits to the key stakeholders to be adopted in real life. The paper applies a future and action oriented approach to the MBB using the concept to derive scenarios and business models for MNOs for accessing hybrid UHF bands. In order to address the convergence and transformation coming with the concept, business models are first developed for the current situation with separate exclusive spectrum bands. Novel business scenarios are then developed for the introduction of the new flexible hybrid UHF spectrum concept. The created business model indicates that the MNOs could benefit significantly from the new UHF bands, which would enable them to cope with increasing data traffic asymmetry, and to offer differentiation through personalized broadcasting and new media services. Moreover, it could significantly reshape the business ecosystem around both the broadcasting and the mobile broadband by introducing new convergence opportunities in business and technology for the 4G evolution towards 5G.