What's the most prestigious chess competition broadcasted on TV? I want to experience the best chess competition is where the most experienced players around the globe participate. 

Is there such a contest? Or is it too boring to watch chess tournament because it takes too long to finish? Which TV station broadcasts the most supreme chess contests?

Lastly, is a chess game as fascinating as El Clásico (a soccer game between FC Barçelona and Real Madrid)
I don't think there has been any televised chess tournaments in the English speaking world since the 90s with the Short-Kasparov matches. 

From the 1970s through the 1980s there was a show on BBC2 called the Master Game. It seems that some of the episodes have been put on YouTube. See this article as well.

I really think that the major problem with televised chess tournaments in the decade that we live in right now is 3 fold:


There is not enough money in it to attract any but a niche network.
Serious chess coverage has migrated to the Internet and sites like PlayChess.com (from ChessBase), ICC, and Chess.com. Streaming video from these sites can reach a much wider audience than live broadcasts on BBC or ESPN.
The format is not very good for modern TV. The average viewer wants action. It's a sad comment on our society, but we live in the age of reality TV, not in an age where chess is actually appreciated.