I have built a new computer and I have just purchased a copy of M.A.D. TV and I was very disappointed in the non starting problem.
My computer specs are:
Athlon 3.1 dual core
4 gig ram
Gigabyte 78LMT-S2P Motherboard
A fresh install of XP SP3
DVD Burner pioneer
1gb Gigabyte GeForce210 Pci-e card
500 gig SATA drive
My specs are well in front of the game.
The graphics card does pixel shader 4.1 and Direct X10.
The computer has .net 1.1, and now 3.5 from the game, so the framework is nice and clean for the game. 2 or 3 have not been installed, so it must be a clean install for 3.5.
I have read about my problem on many computers, and wonder why it has not been addressed properly.
I can start the game to the main screen. If I click options, credits or anything not to do with the game itself, it's OK. But if I go to career or even tutorial, it starts loading with the TV showing the clock hands rotating then fires back to the desktop with M.A.D. TV has to close. etc.
I have just downloaded and ran the update for .NET 3.5 SP1, Microsoft update KB951847.
The game now works great and runs well.

I will put it on my other computer which is slower and has 1.1, 2, 3 and 3.5 as the .NET and see if that does the trick, as I was having the same problem with that one.
John from Australia.