Two of those three would have to agree to fold the network into the Pac-12 networks. The presidents decided, when Fox and ESPN came calling in 2011, not to sell off any of their equity.
Perhaps ESPN and IMG would agree to fold the LHN in the Pac-12 networks in return for a minority equity position in the new expanded network. With ESPN on board, it would use its clout to get DTV to carry the network.
Texas, and presumably TT, would get equity positions equal to the other Pac-12 members. In Texas, the presidents would get a research university with a strong academic position. The Texas legislature might decide to improve TT in both those areas.