Homebrew developer j13dj has released PSP Live TV which is an application that will let you watch TV stations on your Sony PSP. However, it is currently limited to 14 channels and they are all in French.
Thanks to brakken / http://www.tehskeen.com for the news, the news text and the illustration pictures.
http://pspupdates.qj.net/PSP-Homebrew-PSP-Live-TV/pg/49/aid/129372