Will this be a general purpose web server for your TV station as well?
For hardware you need a video->flash converter, a CPU, a Hard disk, some ram.. For software you will need a http software (apache, lighttpd, IIS). If you only have one concurrent user you can run it on a p3 with 512mb ram (Assuming the video->flash is done by hardware).. as the number of users go up, so will your system specs..
Have you considered Semi-dedicated Hosting? 4 - 8 accounts per server. Less overhead than VPS, better performance for the price. DopeDomains.com - 15,000 New Domains a day. indexed by Pagerank, backlinks, Hits, and Length.