Could a global ad company open up streaming web content?

If there was a streaming ad company that offered the ability to target ads by location, could we open up streaming blackout and location restrictions? Would sporting event broadcasters be more open to streaming globally?

Currently the companies that are pushing ads on streaming networks are either the station themselves (Watch Hulu, while watching Hulu) or national brands that have less concerns about location, as long as they ban it for outside national IP addresses. ESPN is just showing you a black, “Be back shortly” clip. Clearly networks are struggling to figure this out, when it should be easier than what their current over-the-air tools offer.

It seems that there would be an opportunity for a ad company to manage and deliver streaming ads based on users location and potentially login info. This gives relevance and targeting to the ads that are on the screen during air time. This provides an even better model than what broadcasters provide to the companies buying air time today. In this option, if a venue wanted to stream the events, only local/relevant content will be displayed - instead of a spot for a  UK cellular company to be shown to a pub full of folks in Los Angeles.

I understand that there is value in holding a US show for a year to keep hype high before rebroadcast in foreign countries, but sports is different… it would be the equivalent of replaying the Weather Channel from last week.