Duane1952
Well-Known Member
I hope they go under. The only ones that carry them in my area now is DirectTv and spectrum. I would be interested in seeing what they wanted to charge the carriers and that dropped them.From Jeff Wilson:
The owner of Bally Sports is reportedly headed toward bankruptcy.
Diamond Sports Group LLC, a subsidiary of the Sinclair Broadcast Group, operates Bally Sports. Diamond, backed by Sinclair, is losing so much money that it might be unable to make payouts on the $55 billion worth of media rights deals it holds after acquiring the Fox Regional Sports Networks in 2019.
This isn’t just an MLB problem. NBA and NHL teams, including the Mavericks and Stars, are locked into deals with Bally, too.
Bloomberg News is reporting that Diamond is pursuing an $8.6 billion restructuring and also hoping that Bally Sports +, a direct-to-consumer streaming service, will help make up for the massive losses suffered from cord-cutters ditching cable. Streaming services have been unable to negotiate a price to their liking with Diamond to carry the Bally regional networks.
Bally Sports + costs $19.99 a month, and it hasn’t gained enough traction yet.
The sports leagues have attempted to negotiate with Diamond, but The New York Post reported that last month that negotiations weren’t going well. The Post said that creditors would try to persuade a judge to have the existing rights contracts rejected if Diamond went into bankruptcy.
Sources told the Post that MLB has been working to create new contracts with potential rejected teams and to directly air games in local markets. One source said MLB believes it could launch quickly but hasn’t guaranteed how quickly.
Ultimately, the bankruptcy could lead to an entirely new way people consume sports, with streaming services like Apple TV + and Prime Video becoming a bigger player.