Producing a daily TV show

I have the opportunity to produce a daily tv show in the morning in my local market. It was on before but after 4 years they left the station they were on due to the lack of interest in the station to do more than the minimal work. I know the and co-hosts I told them that I could produce a tv show in house and send it our to a local station. The new station wants the show but have no budget to produce a show on a daily basis. The co-host wants creative control and does not want it shot outside of their studio. They currently do a radio show which will be broadcast on tv at the same time.

The co-host wants me to take a huge paycut just to get started as well as pay for all of the equipment but I will not get any revenue of future ad sales, only a salary. I told him I will take a paycut, provide equipment, but I want to make just as much money as the co-host since I will be selling advertising as well.

The monthly cost will be my pay and cost for the fiber optics to the tv station. The tv station will not charge to us to air the show but want to split the commercial breaks so they can make money.

I will be producing the show and have a vested stake in it so I believe I should make money on the revenue as well.

Any ideas on how this has worked in the past?
Thanks
Tim