Diamond Sports, largest owner of regional sports networks, files for bankruptcy
Publishing timestamp: 2023-03-14 20:53:53
Summary
Diamond Sports Group, the largest owner of regional sports networks, has filed for bankruptcy protection due to its more than $8 billion debt load. The company plans to restructure its debt and may separate from Sinclair to become a standalone operation. Despite continuing to broadcast local games on its portfolio of 19 networks under the Bally Sports brand, the company has been hit hard by cord-cutting and has struggled to grow its streaming presence. The bankruptcy filing has raised concerns for leagues, such as Major League Baseball, as the season begins soon and there are worries that Diamond may forgo making rights payments during the bankruptcy process.
Sentiment: NEGATIVE
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Keywords: business news, media, sports, business, sinclair broadcast group inc, corporate bankruptcy,
Source: https://www.cnbc.com/2023/03/14/diamond-sports-files-for-bankruptcy.html