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.
Look at it this way, in a perfect world, the Nats could pick up and move their games to Fox, CSN, stay on MASN, etc. the revenue stream is only locked in by Masn's half ass job in broadcasting and selling the games.
