If Eurosport (large european sportnetwork for those outside) can broadcast countless hours of snooker, then I fail to why speed chess shouldn't be possible to attract a fair following.
Given good commentators (like Maurice Ashley as I understand), or Jesper Hall or Ulf Andersson over here in Sweden, with proper backup and possibly way to email, text or tweet comments and questions to the commentators ...
Classic chess might be too long and slow, but speed chess (like < 1 hour games) would be perfect in this format.
Grand Master Maurice Ashley recently asked in a facebook post, what can be done to make Chess dramatically more exciting to the audience and followers, not only to players? As he is working with MIT Lab on this, his plan is to implement some of those in the upcoming Millionaire Chess Tournament at Las Vegas this October.
Being a chess player, commentator, parent / audience I have thought many things at different times around this. Here are some that are coming to my mind. I think point#12 below, bringing chess statistics in front of general audience is the most important of this bunch.
Source: My Entry from Dragon Bishop Blog