Peer to peer networks are becoming increasingly popular among Internet users as the downloading peers share the storage and upload bandwidth load of the system. This makes it possible for a large number of users to share a data file available at a server without the server upload bandwidth becoming a bottleneck. The P2P technology is being widely used not only for file sharing but also for video on demand, live streaming and IPTV. The delay deadlines are more stringent in live streaming and IPTV than those in file sharing as the traffic is real time. The performance perceived by a user depends upon whether the video stream is being downloaded at the streaming rate. Coolstreaming is the first large scale P2P IPTV system. We model the multi-channel Coolstreaming system via an open queueing network. The peer dynamics at a channel is modelled by a closed queueing network working at a faster rate. We compute the expected number of substreams in the overlay of New Coolstreaming which are not being received at the proper rate. The computation of the Markov chain with a very large state space is handled using the two time scale decomposition. Further we characterize the end to end delay encountered by a video stream originating from the server and received at a user of New Coolstreaming. Three factors contribute towards the delay. The first factor is the mean path length in terms of overlay hops of the partnership graph. The second factor is the mean number of routers between any two overlay peers in the network layer and the third factor is the queueing delay at a router in the Internet. The mean shortest path length in terms of overlay peers in the New Coolstreaming graph is shown to be O(logn)where nis the number of peers in the overlay. This is done by modelling the overlay by a random graph. The mean shortest path in terms of routers in the Internet’s router level topology is seen to be at most O(logNI)where NIis the number of routers in the Internet. We also discuss a method by which we can get the mean delay at a router in the Internet. Thus, the mean end to end delay in New Coolstreaming is shown to be upper bounded by O(lognlogNIE[W])where E[W]is the mean delay at a router in the Internet.