The name says it all. A channel with no shows, a channel that is 24 hours a day of nothing but commercials. Commercials of all kinds, not all necessarily current. Never stopping, in one long ever last block.
Oh course some add would buy a time to be shown, as on regular channels. Other older commercials would be played at certain times, tune in at 8pm for an hour of beer commercials, at 6am for Lego, etc. With a premium on buy time during these time for unrelated products, as they would stand out from the crowd.
This leads to how one advertises a channel of all advertisements. We don't call are programing advertisements or commercials, we all them "micro programs". Just think of how the ad will go; "Remember all your favorite Micro Programs of the past, we have them all ACP". ACP meaning "All Commercial Programing".