First, install the program Livestreamer, whose docs are online here: http://livestreamer.readthedocs.org/en/latest/index.html
On Debian or Ubuntu, that would be:
sudo apt-get install livestreamer
On a Mac, that would be:
sudo easy_install -U livestreamer
or
sudo pip install -U livestreamer
export VIDEO_TO_SAVE="http://new.livestream.com/kstu/live"
export FILENAME="Desktop/MyVideo.mpg"
livestreamer $VIDEO_TO_SAVE best --output $FILENAME --verbose-player