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With digital TV, stations can create sub-channels. My local PBS station has the main station; a channel with local content; the arts, cooking and travel channel; and the weather radar channel. PBS Kids is available, but my local station doesn't carry it as a channel. They could, I suppose, add a sub-channel for reading bedtime stories. However, I think this would be better suited to delivery via internet. Then you could start the story when you wished.
I don't think it would be necessary to have celebrities, the kids wouldn't care who these people were. There are any number of people who could read to children.
I have a couple books on DVD. They show the pictures from the book while someone reads the text. They cost me 50 cents each, my daughter liked them, but since they were selling at that price, it doesn't appear that they were all that commercially viable.
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