Broadcasting and media rights are not merely the largest revenue source in professional sport. They are governance-shaping instruments that determine when competitions are played, how they are presented, who can watch them, and what economic structures sustain the entire system. Live sport commands premium pricing because of four structural qualities: temporal irreversibility, outcome uncertainty, collective simultaneity, and spoiler sensitivity. The lecture examines the fundamental shift in the buyer market — from traditional broadcasters to digital platforms — and the structurally different contracts that shift produces.