Diamond Sports calls in mediators as it pushes toward a reorganization plan
Publishing timestamp: 2023-08-17 15:04:48
Summary
Diamond Sports Group, the owner of regional sports networks, is calling in mediators as it negotiates with creditors to reach a reorganization plan. The company has filed a lawsuit against parent company Sinclair for allegedly exploiting Diamond for billions of dollars while knowing the sports channel business was struggling. Diamond Sports Group is burdened by over $8 billion in debt and is facing challenges due to the decline in cable subscriptions. The company has until September 30 to file a reorganization plan before the start of the NBA and NHL seasons. Diamond is also looking to reset its rights deals with teams and shed its debt load.
Sentiment: NEGATIVE
Tickers: GTN, NXST, SBGI, SSP,
Keywords: business news, business, gray television inc, corporate bankruptcy, breaking news: business, scripps e w /de co, sinclair broadcast group inc, nexstar media group inc, sports, media,
Source: https://www.cnbc.com/2023/08/17/diamond-sports-mediators-reorganization.html