Is the ultimate reality show actually possible?

Now we’re into one of my favorite parts of Watching the End of the World, where we get to see how it all happens. When the idea for this book first came up, what intrigued me the most was:
Could this really be done? With enough financial backing, would it be possible to stage the ultimate reality show?
Over the next couple years, while the idea stewed in my brain, I had dozens of conversations with family and friends about this. What would stop the government from shutting the show down? How would the show be delivered all over the world? And on, and on.
The upshot is that I really think something like this could be pulled off. (At least until WEW goes big and becomes a major movie, at which point the idea will be blown!) The money is the trickiest part, but I think there’s people out there who could manage it.
I think it could be done and I think it would just make massive amounts of money. Who wouldn’t watch it? I sure as heck would. (Yes, I’d feel appropriately bad about doing so, but I wouldn’t really be able to help myself.)
What do you think? Could this be done? What did I miss?