The largest owner of regional sports networks filed Chapter 11 bankruptcy Tuesday after missing a $140 million interest payment last month.
Diamond Sports Group LLC, the owner of Bally Sports Regional Networks, has the broadcast rights to 42 professional teams; 14 baseball, 16 basketball, and 12 hockey.
The broadcast group owns broadcasting rights to the Cincinnati Reds, Cleveland Cavaliers, Columbus Blue Jackets, and Cleveland Guardians in Ohio. The group also has rights to Detriot Tigers, Detriot Pistons, Detriot Red Wings, Indiana Pacers, Kansas City Royals, and St. Louis Cardinals.
“DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love. With the support of our creditors, we expect to execute a prompt and efficient reorganization and to emerge from the restructuring process as a stronger company,” CEO of Diamond Sports David Preschlack said.
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Bally Sports is still planning to broadcast the Reds games and operate during the bankruptcy proceedings.
Major League Baseball has developed a plan b to make sure that fans do not miss any of their favorite team’s games.
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“Major League Baseball is ready to produce and distribute games to fans in their local markets in the event that Diamond or any other regional sports network is unable to do so as required by their agreement with our Clubs,” a spokesperson said.
In 2019, Sinclair Broadcast Group, Inc. bought Diamond Sports Group LLC from The Walt Disney Co for close to $10 billion. Diamond Sports Group LLC is an unconsolidated subsidiary of Sinclair Broadcast Group, Inc.
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