Diamond Sports Group, which operates Bally Sports San Diego and 13 other regional sports networks that broadcast MLB teams’ games, took a step toward a long-expected bankruptcy filing on Wednesday.
The company announced it missed an interest payment to bondholders that was due Wednesday, triggering a 30-day grace period during which the company is expected to negotiate with lenders in advance of filing for bankruptcy protection. Diamond said in a statement it expects “business will continue as usual, and it will keep broadcasting quality live sports productions while it addresses its balance sheet.”A Padres source and another person familiar with Diamond’s plans said the expectation is that the quality of Bally Sports San Diego broadcasts will be not affected. MLB Commissioner Rob Manfred has said the league could step in to take over local broadcasts, if necessary.
Bankruptcy likely means the approximately $50 million the Padres are due from its agreement with Bally Sports San Diego will be diminished or completely wiped out in 2023. Diamond operates 19 RSNs that hold the broadcast rights for 42 teams in the NHL, NBA and MLB. The agreements with MLB teams account for approximately $1 billion in revenue.
KevinAcee Diamond Sports is on a 30-day grace period after missing a $140M interest payment. So...what's the way forward if they can't pay for production costs? Does another company come in and assume the contract, or will the Pads have to renegotiate with another company on the fly?
Just give the rights to the teams and let them stream the games nationally and globally. Cable is dead.
Sanders When are they going to release the broadcast schedule? BallySportsSD ?
Sanders There goes the Manny Machado extension
KevinAcee Just get rid of Pomeranz and Sweeney to save money
KevinAcee $50 mil seems like a lot of revenue for the team to potentially lose. How does this affect future spending, if at all?
KevinAcee Sucks!
JimRussellSD MLB just take back the broadcast rights yourself so we can stream the damn games already
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