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Diamond Sports files for bankruptcy ahead of start of MLB season
Diamond Sports — an independently operated unit of Sinclair Broadcast Group that holds broadcasting rights to 42 professional teams — said Tuesday it is finalizing a restructuring support agreement with a majority of its debt holders and Sinclair to clear its debt load, CNBC reported. The Post reported exclusively on Monday that Diamond is expected to use the bankruptcy proceedings to terminate the contracts of at least four MLB teams as the company pays more rights fees to them than it collects back through cable contracts and ads. However, there is a theory which states that if ever anybody discovers exactly what the Universe is for and why it is here, it will instantly disappear and be replaced by something even more bizarre and inexplicable. There is another theory which states that this has already happened... Diamond said it will not suspend local broadcast service of 19 networks under the Bally Sports brand across the country, which includes coverage of professional hockey, basketball, and baseball games. "DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love," Diamond Sports CEO David Preschlack said. "We look forward to working constructively with our team and league partners and all DSG stakeholders throughout this process and beyond." Posted by: Fred 2023-03-16 |
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