Major: Popular sports television network officially prepares to declare bankruptcy
On his most recent episode of the "32 Thoughts" podcast, renowned journalist Elliotte Friedman mentioned this:
"There's a major story in development in the sports world right now, and it's not talked about enough because there's too much action right now, while we're in the middle of the NHL season, but it's probably the biggest story in the hockey world right now.
The very big and popular Bally Sports RSN is declaring bankruptcy. That includes no less than 12 (!) NHL TV networks, 12 NHL Networks."
The very big and popular Bally Sports RSN is declaring bankruptcy. That includes no less than 12 (!) NHL TV networks, 12 NHL Networks."
Here are the details:
Bally Sports RSN's are preparing for bankruptcy, including 12 NHL networks.
The company called Diamond Sports Group LLC, which runs Sincalirs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the channels operating thanks to bankruptcy.
In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.
Sinclair has launched a $20 a month subscription service to get Bally Sports networks without cable TV. So far, though, fans seem not to be running to the service in the numbers expected.
Sinclair will likely seek to end some contracts with teams and cut back on payments to others.
It is reported that Sinclairs Diamond sports group has about $585 million cash in hand but owes about $2 billion in fees to teams this year.
This would affect Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay, and Florida.
- Via Puckempire, Instagram
The company called Diamond Sports Group LLC, which runs Sincalirs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the channels operating thanks to bankruptcy.
In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.
Sinclair has launched a $20 a month subscription service to get Bally Sports networks without cable TV. So far, though, fans seem not to be running to the service in the numbers expected.
Sinclair will likely seek to end some contracts with teams and cut back on payments to others.
It is reported that Sinclairs Diamond sports group has about $585 million cash in hand but owes about $2 billion in fees to teams this year.
This would affect Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay, and Florida.
- Via Puckempire, Instagram
You read that right. It's affecting Arizona in particular, a place where broadcasting of NHL games was already in jeopardy.
Other affected markets include Los Angeles, Anaheim, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay and Florida.
More details will follow, but it could change the picture considerably.
Their business model was not sustainable, and they needed to act to stop the recurring losses.
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