Microsoft discussing Xbox LIVE television channel

Microsoft and former News Corp. President Peter Chernin have recently discussed creating a television channel available exclusively to Xbox LIVE users, if a recent Bloomberg report is to be believed.
The meeting was held on April 12, where Chernin pitched the idea and Microsoft suggested raising its Xbox LIVE monthly fee by $1 to $2 ($12 to $24 extra yearly) in order to add the service. The channel is said to be targeted at the young male audience, offering reruns and original shows.
Microsoft has yet to respond to the Chernin’s proposal. We’ll keep you updated.
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If MS actually does they’ll be taking a huge risk.
For one thing, will the content be enough to keep people interested? Will they have enough content for a full day of programming or just squeeze in re-runs or episodes of C.O.P.S. and Cheaters to take up some space (like G4TV does)? Or will they use informercials after 12am to run all night?
Sounds like a good idea on paper but when you’re going up against ABC, NBC, Fox, CW, Bravo, Lifetime, etc you’re in the company of people that know what it takes to get people to tune in.