Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday.
Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams — 14 baseball, 16 NBA and 12 NHL.
Diamond Sports also said it is negotiating a restructuring agreement with debt holders that will eliminate most of its debt. Under an agreement with creditors, it would become a separate company from Sinclair Broadcast Group. Diamond said in a financial filing last fall it had debt of $8.67 billion. The bankruptcy filing was made in the Southern District of Texas.
Diamond has nearly $1 billion in rights payments, mostly to baseball teams, due in the first quarter this year. 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Diamond Sports Group, Owner Of Bally Networks Once Run By Fox, Files For Chapter 11 BankruptcyDiamond Sports Group, operator of the largest string of regional sports networks in the U.S., has filed for Chapter 11 bankruptcy protection. The move, announced Tuesday night by the subsidiary of …
Read more »
Diamond Sports Group, America’s Largest Owner of RSNs, Files for BankruptcyThe Sinclair-affiliated RSN owner disclosed its plans Tuesday evening.
Read more »
Diamond Sports Group, owner of 14 MLB teams' broadcast rights, files for bankruptcyDiamond Sports Group, the Sinclair subsidiary that owns the broadcasting rights of 14 MLB teams plus several NBA, NHL and WNBA teams, announced Tuesday it has filed for Chapter 11 bankruptcy.
Read more »
Diamond Sports, largest owner of regional sports networks, files for bankruptcyDiamond Sports has filed for bankruptcy protection with plans to eliminate more than $8 billion in debt.
Read more »
Diamond Sports Group files for bankruptcyBally Sports owner Diamond Sports Group filed for Chapter 11 bankruptcy protection on Tuesday.
Read more »
Diamond Sports Group files for bankruptcy, will continue to broadcast MLB, NBA, NHL gamesDiamond Sports Group, which operates regional sports networks that televise nearly half of all MLB, NBA and NHL games, filed for Chapter 11 bankruptcy...
Read more »