I actually did a little research on this one and I don't think it exists. Not in the exact form I'm suggesting.
Basically, it's Comast, except not a dick. It's an online cable station. You pay them a fee and watch the channels over the internet. And they pay for the right to air the channels. Pretty simple. I think this hasn't happened yet because of some crazy licensing laws and stuff. Ridiculous. Comcast needs some competition. And you wouldn't have to install any hardware for this which means no waiting for dudes to come to you house and not showing up.
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