Sure, if your signal is strong enough. But the splitter will absorb a bit of signal strength, and each part of the signal will be much lower power than the original, so you need to know that you have a really strong signal first.
The alternative is a powered splitter (amplifier) fitted to the aerial mast.
Just fitting two cables on top of each other will cause an extreme impedance mismatch and is unlikely to give satisfactory results.
If you have plenty of signal then you can use a passive splitter, otherwise you will need an amplifier. Whichever you use make sure that if you fit stuff outside it is suitable for outside use (for amplifiers this will be reffered to as a masthead amplifier) and seal any outdoor connections with self amalgamating tape.
Masthead amplifiers are normally powered by a power unit connected to one of the outputs.
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