VLC TV is a portable version of the free VLC Media Player, with a list of TV channels included in the Media Library.
You will then be able to watch the included TV channels without using other player, or watching undesired ads. You will not even need to install VLC, since the portable version is included. There is no need to enter encryption keys, either.

The VLC Media Player can play streaming media, files saved in your drives, DVDs, or the content captured by a camera. It also allows you to stream that content through your network, or the Internet. It can also play audio from a file saved in your computer or a music CD. You will also be able to use this player to take snapshots and save them to your disk drives.

This package was made in 2009, so the portable version that is included in this package is the 0.9.9. The most recent version of the player is 1.1.11. Because of the age of the package, please, keep in mind that the updated version of the player offers a lot of features that will be not available in this portable version. The Media Player list includes a lot of channels that do not operate anymore, or that have changed their addresses.