With the improvement of network bandwidth, multimedia services based on streaming live media have gained much attention recently, among which IPTV has become a hot topic. After emergence of Peer-to-Peer (P2P) technology, P2P based IPTV systems are deployed widely. However, there exists a huge challenge, which is how to manage content. Digital Rights Management (DRM) is such a system that includes encryption and other technologies which can control the usage and redistribution of the digital contents. In this paper, we first review the related works in this area and analyze the DRM requirements. Then we propose a DRM architecture for a manageable P2P based IPTV system. In our architecture, we also present content encryption scheme and content authentication scheme.