Would there be money a network'esc cable station that’ isn't add driven?

I was thinking about how much admire HBO for suporting shows with a cult following, (some of which I hate, like Arli$).

I was wondering if there could ever be a financial excuse for someone to come up with station that’s as broad as the network’s in it’s programming, without the restrictions in content as networks, and without commercial interruption/relying on advertisers? It could be like HBO, but more regular programming. Would people pay for a channel like that if it had enough excellent programming? If it got the same respect as HBO’s programming, just with more verity, would people buy it?

Both Comedy and Drama would possibly benefit a great deal if it weren’t censored. I’m not saying a show has to be a ‘gritty’ as most HBO shows are, or “exploiting” the leniency. I just think of shows like The X-Files, That 70’s Show and Futurama would be interesting to watch without most of the regulation. I especially think ER would be more interesting. Even shows like Friends could benefit. Aren’t there a lot of edgy shows that are hits elsewhere that resembles Friends? Sopranos, Six Feet Under and The Larry Sander style shows could be good additions too. Is there anyway a station like this could pay HBO to re-air some of their programming later at night? I see some of them on Canadian station and even Bravo had The Larry Sanders Show.

There could be talk shows and HBO undercover type programming, Maybe fill the schedule with some classic movies that are more modern. Perhaps the types of movies that are cable, (that are GOOD), but without censorship. Anything like this exist? I know it couldn’t happen over night. What if HBO decided to branch out in such a way, could it be a good investment now or any time soon?