Diamond Sports Group entered bankruptcy proceedings to stabilize its financial situation to stabilize its financial situation
By iProfessional
16/03/2023 – 08,27hs
Diamond Sports Group, the owner of the largest network of regional sports television networks in the United States, entered a bankruptcy process to stabilize your financial situation, reorganize your business and be able to continue operating.
The company, in a statement made public on Tuesday night, announced that it is finalizing an agreement with its main creditors and the grupo Sinclair Broadcastits owner, to eliminate some 8,000 million dollars of debt.
As a result of this operation, the firm will separate from Sinclair, which in 2019 paid some 10.6 billion dollars to take over this regional sports chain business that was then in the hands of Disney. Disney it then promised to dispose of those assets it had inherited from Fox as part of its acquisition of the company.
The bulk of the debt of Diamond Sports Groupwhich is the owner of Bally Sports, a major network of regional sports stations that has the rights to televise the games of dozens of basketball, baseball and hockey franchises.
The largest network of regional sports channels in the US files for bankruptcy
activities continue
In its statement, the company assured that the sports broadcasts they will continue as normal while this restructuring takes place and he stressed that it is well capitalized, with some 425 million dollars in cash to continue financing its operations.
The Diamond Sports situation had caused concern to nba teams and from other leagues that receive significant income from the rights to broadcast their matches that are not televised nationally.
