To me, the original Prevue Guide theme music just sounds like a vintage 80s keyboard (
FM synthesis based or
hybrid analog/digital synthesis based).
Semi-pro musician's keyboards (as opposed to Casio crap on the low end and megabuck studio stuff on the high end) sounded very similar back then because they used similar synthesis processes and also of course because they had not yet evolved beyond generating mainly square and triangle and other unnatural waveforms which yielded copious amounts of harmonic overtones. Lead instruments always had a very glassy/chimey sound, bass always sounded very slappy and electronic, etc.
Here's an example of what an ESQ-80 sounded like:
http://www.zshare.net/download/7622262528e3b21a/. It's not exactly like the sound of the keyboard used to perform the Prevue Guide theme, but there absolutely are acoustic similarities in many of the instruments' textures and timbres and so on.
In general, people have come to refer to this kind of sound as the "porno soundtrack sound" because these keyboards basically had only one major market: amateur semi-professional musicians ... which in turn was the only kind porn producers could get to work for them.
If there's any similarity between this kind of sound and Amiga .mod files, it's likely because .mod files were a hybrid of MIDI and instrumentation sampling. And the sources used for those samples were often these kinds of keyboards.
In any event, as Ari said the PG theme music was delivered on the Prevue Guide satellite backhaul feed, not played out of .mod files by the local Amigas. Specifically: UV broadcast it from a simple analog loop tape cartridge. As far as how they sent three audio carriers, not difficult at all, commercial satellite transponders have enough bandwidth (in analog terms, 27 to 36 MHz each, depending on the satellite) to carry analog video (which never takes up more than 5 MHz of that) plus many audio subcarriers. Any frequency above 5 MHz can be used and there were common ones like 5.58 MHz, 5.76 MHz, 5.80 MHz, 5.94 MHz, 6.20 MHz, 6.80 MHz, 7.38 MHz, 7.56 MHz, etc. Prevue Guide's backhaul was on Satcom F4 transponder 8 with theme music at 5.8 MHz, left audio at 6.2 MHz, and right audio at 6.8 MHz. (The current TV Guide Channel backhaul is on Galaxy 12 transponder 6 in Digicipher II -- no subcarriers, it's just a big MPEG transport stream carrying video, audio, and data packets. When TV Guide Channel still ran split screen -- instead of 75/25 or 80/20 or whatever it is now -- the video was divided in half vertically, so each local NT machine could choose which vertical half to show in its local top half.)
@Ari - Since you seem to be the expert in this department, you should edit the Wikipedia entry for TV Guide Channel and create a section listing the musical elements previously used by Prevue Guide/Channel. I.e., mention that the original theme is an unidentified James & Aster library piece, that "Opening Act" was the blue grid's theme, etc. Maybe someone will come along, notice the gap re: the first one's identity, and fill it in!