A video decoding system capable of decoding compressed high definition (HD) MPEG video signals incoming from different channels includes a first channel video decoder, a second channel video decoder, a video signal processor and an arbiter, where the first and second channel video decoders decode video streams incoming from different channels to generate decoded video streams and request signals, the video signal processor performs signal processing on the decoded video streams, and the arbiter grants control of the video signal processor to the first and second channel video decoders.