There is the theoretical chance that Byron Allen running stations with only his shows (whose production costs have already been paid for) could be profitable enough to survive low ratings, but it's more likely he'll run them as normal stations with outside syndicated product.
The 700 Club thing is just a perpetually valid contract. Disney offered CBN a year's worth of the money they get from airing the show and its semi-annual telethons to buy it out, but Pat declined.
The Justice Department's suit in its appeal form only seeks for AT&T to sell Turner. This interview with Makan Delhaim stated Justice has no problems with AT&T owning Warner Bros. or HBO.