Major League Baseball Equity Act

Major League Baseball Equity Act - Requires that, except in the case of revenue generated as a result of nationally transmitted cable television (TV), any Major League Baseball team that is a party to an independent broadcasting contract receive 80 percent of the revenue from the transmission of the home games and 20 percent of the revenue from the transmission of games away.

Specifies that all other revenue pursuant to such contract, including all revenue from nationally transmitted cable TV, shall be divided equally among the other teams of the League (American League or National League) of which the contracting team is a member. Directs each League to establish accounts for the deposit of revenue to which such provision applies and, at regular intervals, distribute the correct shares of such revenue.

Makes the antitrust laws applicable to Major League Baseball unless such a revenue sharing program is established and implemented prior to the beginning of the 1993 baseball season.