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Rather than seeing this as an opportunity to sue the living hell out of people, I wish the media would seize the opportunity to turn this into a positive. I would be more than willing to pay a per-event, reasonable fee to watch things online- from an F1 race to the Super Bowl. Why not set up a legal way for me to do that? They can spend less on legal fees and likely rake in almost the same dollar amount they're trying to persuade a judge to award them.
Over here, I can do that if I got a TV license via the iPlayer, I know of two sites that approached the BBC and offered to do exactly what you said and they got flat out refusd and told that'd be illegal....despite the BBC doing exactly the same thing, streaming it online. $$$$$$$$ (or, correctly, £££££££££££££ in this case) talks.
Relly, you can't just think of it like that. Imageine if the Indy 500 was only viewable in Indianaolis, or the Daytona 500 only aired in Florida and nowhere else could watch anything to do with either event, in effect be region locked out of any news or video coverage period, it's a similar deal with SPEED and firstrowsports, they give people around the world a chance to watch sports.
What would happen if Youtube got shut down tomorrow?