It is not cheaper for a school that educates on technology to outsource. (actually the school does not even pay for this, it is handled by the residential department who back charges 100% of the cost to the residents in the dorm.) It would be cheaper to insource have it ran by very few fulltimers and a bunch of students. Again, it makes a technology school look stupid to outsource anything to comcast.
A streaming service is nothing for a major university that teaches CS, programming, networking, etc.
Anyways, most college kids dont watch TV anymore. A TV in their dorm is either connected to a computer or a xbox or playstation. Very few people watch TV in the dorms.