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The corporate mentioned it expects to run the Bally Sports networks in “ordinary course” all over the bankruptcy procedure.
DALLAS — Diamond Sports Group, which operates the Bally Sports regional networks, has filed for Chapter 11 bankruptcy, the corporate introduced in a press unencumber on Tuesday.
In the discharge, the corporate mentioned it made the verdict with a purpose to do away with $8 billion in debt underneath a brand new restructuring settlement. The submitting used to be made to a bankruptcy court docket within the Southern District of Texas.
Diamond Sports Group, whose dad or mum corporate is Sinclair Broadcasting Group, and its Bally Sports networks were underneath scrutiny from sports activities enthusiasts around the U.S. as get right of entry to problems proceed.
In the North Texas house specifically, Bally Sports Southwest, which was once Fox Sports Southwest, has been the primary broadcaster of the Dallas Mavericks, Dallas Stars and Texas Rangers on tv, with few exceptions for sure video games.
Since Bally Sports Southwest debuted in 2021, enthusiasts have voiced their lawsuits as techniques to look at their favourite DFW groups started to dwindle.
Those with products and services equivalent to Dish and YouTube TV were not able to look at the community.
The subscription-based app Bally Sports+ used to be lately created, giving enthusiasts an method to watch their groups with out a present cable or streaming provider. In the Dallas house, a subscription prices $19.99 a month or $229.99 for a 12 months.
In its bankruptcy announcement, Diamond Sports Group added that the Bally Sports networks “will continue to operate in the ordinary course during the Chapter 11 process.”
“We are utilizing this process to reset our capital structure and strengthen our balance sheet through the elimination of approximately $8 billion of debt. The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans,” Diamond Sports Group CEO David Preschlack mentioned in a commentary.
“DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love. With the support of our creditors, we expect to execute a prompt and efficient reorganization and to emerge from the restructuring process as a stronger company,” Preschlack added.
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