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Well, I'm not a legal type but here's my explanation.
Pat Robertson owned a TV network. Fox wanted to buy the network. Pat Robertson said "sure, but only if you agree to a contract with us requiring you to continue airing 700 Club. Also this contract will require that if you should sell the network in the future, continuation of this contract will be a requirement of the sale. If you fail to do this, penalties will be X, Y, and Z."
Sure, Fox now owns the network, but they also have a contract with Pat Robertson with certain requirements. And when they sold the network to Disney they could only do so (because of the terms of that contract) if Disney agreed to assume the deal with The 700 Club as well.
Presumably Disney could refuse to air the show but then they'd be subject to some substantial penalty under the terms of the contract. And I assume they are very substantial or Disney likely would have done so as a write-off already.
Similarly, if I sold you my house and it included a stipulation that I could live rent free in your basement and kicking me out would mean I get the house back then you couldn't wait until escrow closed and then kick me out. The contract is still in effect.
Such is my non-legal take on it.
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