The satellite rights for multi-language films like Baahubali are bought months in advance. Sony bought the Hindi rights and they can air it on SET Max. Star bought the Tamil, Telugu and Malayalam rights and they can air it on Star Vijay, Asianet and Star Maa.
Suppose Sony launches a Telugu channel. That channel cannot air Baahubali in either Hindi or Telugu. Similarly Star Maa can air Baahubali in Telugu but not Hindi. In the MIB list it will be mentioned which channels can broadcast in which languages.
Star Gold can air Baahubali in Tamil/Telugu but then in the MIB list it is listed as a Hindi channel (even though it is also written 'and all other Indian scheduled languages'). Also, what is the point?
NOTE: For the first part the Hindi and Telugu rights are wih the same channels, but Jaya has the Tamil rights and Mazhavil Manorama the Malayalam rights.