Mir Shakil-ur-Rahman, owner of Geo and Jang group, was accused of allowing the airing of a blasphemous programme by Geo television in May, which played a religious song while staging a mock marriage of Malik with Bashir.
Judge Shahbaz Khan also sentenced both Malik and Bashir along with TV host Shaista Wahidi for 26 years each.
The ATC also imposed a 1.3 million Pakistani rupees fine on the convicts and ordered that their properties should be sold to raise the fine, if they failed to pay it.
The court in its 40-page verdict also asked the police to arrest the convicts, an official said.
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He said that the convict can appeal in the regional high court in Gilgit-Baltistan.
There are reports that all four are out of Pakistan.
Rahman resides in the UAE and the other three also went abroad after recieving threats by militant organisations.
It is not known when the arrests would be carried out. Both Wahidi and the Geo group have tendered apology after the allegations were levelled but the extremists in the country refused to accept it.