![]() “Diamond Sports Group’s bankruptcy declaration today is an unfortunate development that we have been expecting. Games would air locally via MLB Network or streamed on MLB.TV in case that happened. ![]() Major League Baseball has set up a local media department in case it has to take over broadcasts for teams. The company is current on payments to hockey and basketball teams, but it might withhold payments from some baseball teams where it is trying to renegotiate a better deal. National Treasure Crowned Winner of 148th Preakness Stakesĭiamond has nearly $1 billion in rights payments, mostly to baseball teams, due in the first quarter this year. Disney was required by the Department of Justice to sell the networks for its acquisition of 21st Century Fox’s film and television assets to be approved. ![]() Sinclair Broadcast Group bought the regional sports networks from The Walt Disney Co. The bankruptcy filing was made in the Southern District of Texas. "We look forward to working constructively with our team and league partners and all DSG stakeholders throughout this process and beyond.”ĭiamond said in a financial filing last fall it had debt of $8.67 billion. “DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love," Diamond Sports CEO David Preschlack said in a statement. Under an agreement with creditors, it would become a separate company from Sinclair Broadcast Group. The company said in a release Tuesday night that it expects to continue to operate during the bankruptcy process and that coverage of games should not be affected.ĭiamond Sports also said it is negotiating a restructuring agreement with debt holders that will eliminate most of its debt. Those networks have the rights to 42 professional teams - 14 baseball, 16 NBA and 12 NHL. The move came after it missed a $140 million interest payment last month.ĭiamond owns 19 networks under the Bally Sports banner. ![]() Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday. ![]()
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