If MASN is already extracting maximum $ from the markets, then fair market value is going to be some portion of that pie. It's just like if you are looking to buy a building that already is under lease for the next 10 years, you are acquiring the lease stream as opposed to some esoteric appraiser's estimate of what the building ought to be worth. The income stream determines the value.
Wrong. The value is determined by the market for TV rights. In your scenario, it would equivalent to having a clause where the lease can be re-negotiated every five years. If it were as simple as you suggest, there wouldn't be a need for arbitration, and the type of money being discussed wouldn't be at these levels. It is clearly in the clause that the Nats are to be paid at market value of what their rights would get them on the open market. If MASN is unable to meet that it's on them.
