"Insofar as the magazine is concerned, I appreciate that they may have paid for the exclusive disc distribution rights; however, disc distribution is going the way of the dinasour. They paid for a right to distribute through a given form of media."
Sure, but that doesn't give anyone other than the original copyright holders the right to change the form of media and distribute it.
If it was okay to merely change the media, I could take Blue's News daily updates and put them in a magazine and charge people for it. Or Blues News could type in magazine articles. Guess what? Neither is legal.