I don't think the fortune is all that vast. Viacom and PBS already partnered with them. Viacom bought them all out, and replaced it with their inferior quality shows (though I do recall seeing Doug was on their for a while- the original Nick one too). And the PBS/Hit partnership only ensured current episodes would be rerun for the younger audience.Viacom or PBS might be interested if the idea is pitched to them. If not, then Sesame Workshop can use their vast Tickle Me Elmo/DVD fortune.
SW has a vast library of shows. Ones that would be perfect for kids, ones that would be great for nostalgia. If they had the money to get a network on their own, and they don't (they ain't Ted Turner or Rupert Murdoch you know), they would no doubt have a small cable station or an on demand source of long lost programs.
But whos to say it will be uncut anyway? Same royalty fees apply.