sure, why not?
As a former PAX staffer, I would say this could be a good idea. Look at the Nashville Network, now known as Spike, as a model. PAX programming, at best, was uninspired and not terribly interesting to most people. There is precious little that would be worth keeping. No buzz with the public. If there were some really forward thinking executive types out there, they might want to consider some type of i/WB/UPN merger. Cherry-pick the best programming from each one, and maybe you could cobble together a "network" that could actually be viable. Let the stations that are not O and O's go back to be real, solid independent stations in their respective markets. A win-win deal all the way around...