Provided are a system and method for media content rights negotiation based on defined protocol for management of media content rights using distributed media rights transaction ledger. An initiating node determines acquisition requirement and/or receive request on behalf of other participant for media content rights of requested media content and traverses associated instance of distributed media rights transaction ledger to identify receiving entity node that has media content rights available for negotiation. Accordingly, initial media content rights negotiation transaction is issued, which includes offer for corresponding media content rights. The receiving entity node verifies an identity and signature of initiating entity from initial media content rights negotiation transaction, issues new media content rights negotiation transaction based on verification, evaluation, and/or acceptance of offer. Each instance of distributed media rights transaction ledger includes at least initial media content rights negotiation transaction and new media content rights negotiation transaction.