You can do it, but the results you’ll get could be slightly fuzzy (depends on the artwork). Your best bet is to go back to your source and get a larger file. Failing that, here’s the best you can do in Photoshop:
1. Choose Image > Image Size.
2. Make sure the Constrain Proportions and Resample Image checkbox is on, and choose Bicubic Smoother from the drop-down.
3. In the Pixel Dimensions box, enter 440 for the height. (For NTSC. If you’re using PAL, use 480. These values take into account both non-square pixels and the fact you’ll want to leave some room around the edges for the TV-safe margins.)
4. Click OK.
Bicubic Smoother is designed to smooth out edges to avoid pixellization. You can try Bicubic Sharper as well, it sharpens edges, and may work better, depending on your artwork.