There is clearly a lot of information we aren't seeing, there's no chance that MASN ends up operating at a loss, effectively flipping the burden on to Angelos to subsidize the Nats. Sounds nice but it's not realistic. Most likely the Nats will get a marginal increase in rights fees and a bigger share of the ownership, which would result in a reasonably fair deal. Angelos would still receive the majority of the profits but he'd also be taking on greater risk if revenues drop.
One thing is certain, the higher the rights fees paid, the lower the profits incurred by MASN and thus attributable to shareholders, so the % of ownership change is mitigated completely as Net income approaches zero.
