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I agree with the possible down sides pointed out by previous posters. That being said, I do not think it is something that every house should reject automatically. This might be a useful way of thinking about the problem:
MTV is a for-profit corporation in the business of making shows that lots of young people will watch. This is their ONLY business; this is their ONLY motivation.
Your sorority is (I assume) a not-for-profit group, which has business relationships with for-profit entities like caterers, party venues, photographers, etc.
MTV will have brilliant, cool young marketing people who will try to distract you from the fact that this is a business transaction. You've got to look at this exactly the same way you would look at entering a business relationship with a party venue. In other words, exactly what goods/services are being exchanged for how much money, and am I getting a good deal? You would never expect that your T-shirt supplier is going to go out of its way to help your sorority outside of what they are contractually bound to provide; you should never expect that with MTV, either.
If you look at the pros and cons in this light, and it seems like the project might be worth your while, YOU MUST MUST MUST get your own lawyer to advise you before you make any deals with them. Maybe one of your sisters has a lawyer parent. MTV has fantastic legal staff, and it will take a true expert on YOUR side to figure out exactly what MTV wants to be able to do.
Ivy, JD
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