” Our mixed martial arts (“MMA”) content is being televised in the United States under a letter of intent with Fox Sports Net (“FSN”) and MyNetworkTV, Inc. (“MNTV”), which could be terminated at any time. If we do enter into a definitive agreement, FSN and MNTV will require exclusive rights to telecast our MMA content in the U.S.
We are currently televising our MMA content in the U.S. pursuant to a letter of intent with Fox Cable Networks, Inc. (“Fox”) and MNTV (Fox, together with MNTV, the “Fox Entities”). The letter of intent obligated both parties to negotiate definitive agreements in good faith and restricted us from discussing a television distribution arrangement with other parties. These obligations expired on May 31, 2007, and have not been renewed. However, we continue to produce shows for telecasting by FSN and MNTV, FSN and MNTV are continuing to broadcast our shows and have indicated they plan to continue to telecast them in the future, and MNTV has been paying us telecasting fees in accordance with the letter of intent. However, either the Fox Entities or we can terminate this arrangement at anytime. Accordingly, we cannot be certain the FSN or MNTV will continue to air our shows.”

so basically as long as they’re only working under this letter of intent, the “Fox Entities” (FSN and MyNetworkTV) have the right to terminate the deal at any time, and at the same time, the IFL has the right to negotiate with other TV networks and sign with them if desired (although that would require the termination of the deal with the “Fox Entities”)