Bad PR maybe? SNL started out sort of underground, and subversive, but not enough to offend the majority of the public. To turn around and sue a company for being underground would be hypocritical and bring a ton of bad press. It would also push away their younger audience (14-25). These are the majority of the people going to youtube, and the section of the audience that the advertisers are looking for. Pushing them away means pissing off the advertisers, and the show ultimately losing money.
It would be like Metallica suing Napster. Oh wait.....








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