It all depends on how you present it. Make sure you can clearly distinguish between the ads and the content, clearly state that you do not host videos on your sever. But even after all these, you might get banned from AdSense.
even justin.tv is using adsense and are premium publishers, there are lots of channels in justin.tv running movies!
They don't accept movie streaming websites. If you put ads on website, it will work for a while. After google see this, they ban your website. good luck
how about sites that not tv streaming, its a discussion of tv programs... btw.. i have seen thousands of tv streaming sites... and they run for almost 5 years already... they usually recieve 15,000+ unique visitors a month... they have good income too at ads posted to their sites..
why dont you email to adsense team and ask them direct about this ? it's more secure than you hear from someone else right ?
Gray area. Officially you can do it, so long as your site is not considered a M.F.A. site, and as long as you are not hosting and sharing copyrighted material over which you have no rights. The way I get around this, and I've never been banned, is to only stream video hosted by services that Google approves of, like Google Video and Youtube. If you are trying to stream screeners or TS copies of movies still at the theater, you can kiss your Adsense account goodbye now.