Microsoft planning an exclusive TV channel for Xbox Live subscribers?

The tech giant is mulling a dedicated TV channel that will be available to exclusively to Xbox 360 gamers, possibly with the Xbox Live subscription going up $1 or $2 per month. At least that was a proposal from Peter Chernin, a former News Corp. president who is pitching the channel idea.

The channel would offer a mix of new shows and reruns, though there’s no info on exactly what content would appear. Chernin has a deal with Fox’s TV and movie arm, so presumably that studio’s assets would be involved. He even approached Conan O’Brien about the channel before the late-night host was wooed by TBS.

Generally, premium content needs to be of high quality and in scarce supply in order to succeed, so Chernin and Microsoft would really need to come up with something major in order to get subscribers stoked about upping their $7.99 monthly subscriptions. Any ideas of what they could do with a TV channel that would justify the rate increase? Let us know in the Comments section.