The folks over at the GameFocus, which is a Canadian game site, leaked out that the XBOX 360 might be getting a Live TV channel in 2011, similar to Sky TV which came out in Europe last year.
Unfortunately the only thing we know at this point is that the feature should be coming in 2011 but, they have no idea who will actually handle the TV service.
Its also rumored that the XBOX 360 will have DVR/PVR functionality allowing you to record and store live TV on the game consoles hard drive.