If the hds (f4m) didn't have drm (but it does in this case), you'd also need to include all of that suffix code after .f4m in the livestreamer command line. There is no point here, since the hds has drm.
But the hls (m3u8) version does not have drm. The livestreamer command line will look like this (but the code below will have expired by now);
Code:
livestreamer "hlsvariant://https://ooyalasecurehd3-f.akamaihd.net/i/BlizProd03_delivery@6587/master.m3u8?hdnea=st=1416530285~exp=1416530375~acl=/i/BlizProd03_delivery@6587/*~hmac=5b032dc5003debd10319b71634765ee8d38ce0a30f85ad2beb25a719d98edc3e" best -o output.ts