Rivers Run Red have been doing a lot of cool stuff in Second Life for a while now, including work with Duran Duran and Adidas (who have sold 18,000 pairs of virtual trainers).
They announced just before I went on holiday that they were launching a TV channel inside Second Life. According to the press release 24/7 programming and multiple channels, and they plan for some of them to be pay per view in the future. There will also be in-world UGC channels.
I like this. The population of SL is now 1.2m so there are a lot of virtual eyeballs to be had. On the flip side it is yet to be seen whether there is demand for in-world television. The obvious question of why not watch on real TV remains unanswered. You gotta experiment though and this is a positive development.
There is more discussion of this and other in world TV style developments on 3pointD.