Talks for the MLB, the NBA and the NHL to acquire the state’s largest regional network of sports have weakened – raising the possibility of a bankruptcy filing that could speed up the nationwide migration of players played off of cable TV, the Post has learned.
As exclusively reported by the Post, Diamond Sports Group – which operates 21 Bally Sports-branded sports networks, or RSNs, which account for more than half of the local media market in the country – spoke to this fall to sell itself to the league for about $3 billion including debt.
But Diamond – a unit of Sinclair Broadcast Group – surprised investors on November 28 by cutting its forecast for this year’s profits in half as cable-cutting continued in the business. Accordingly, the league is no longer willing to pay an investment in a sale – and creditors are preparing to take their chances in bankruptcy court in the first half of next year, to according to the details in the discussion.
That means Diamond’s slew of unprofitable media contracts could be rejected — and his decade-old TV business venture will go out the window as deals are cut to broadcast live sports on the internet, stories from stories. MLB may step into a temporary phase next year, but the flow of rights will eventually end up with Big Tech companies like Apple, Amazon and Facebook, sources say.
“Right now, there is chaos. But we will be able to look back and say that this was the time when a major technology company entered the regional sports market,” the MLB team manager told the Post. , and asked not to be named. “Right now, a lot of people aren’t watching the games in their home market. It’s not good for the sports leagues.”
Digital companies in the past few years have moved into live sports broadcasting. Amazon Prime, which exclusively hosts New York Yankees games, cut several deals with an agreement in September to air the NFL’s “Thursday Night Football” every season. Facebook and Apple TV+ have also acquired the rights to some MLB games.
But the Diamond bankruptcy could open the door for a new type of trading – and some experts hope it will change the way people use sports for good. A lot of young people can’t watch games now because they don’t have cable, and some cable companies don’t carry games, the MLB manager said.
“In the end, there will be one machine everywhere,” said the team manager. “Twelve years from now all three sports will always be on the same track.”
Diamond owns the rights to 14 Major League Baseball teams such as the St. Louis Cardinals; 16 National Basketball Associations including the Miami Heat; and 12 National Hockey League teams including the Detroit Red Wings. No New York City team is on the Diamond network, although Diamond does have a minority on the YES Network.
Creditors are expected to use the lawsuit to reject Diamond’s termination of void contracts with teams, which have long been paying for media rights rather than cable distribution and subscriptions. media to advertise their games.
Diamond, for example, is currently locked in a loss-making contract that will pay the San Diego Padres $60 million a year through 2032, according to two sources. Most of Diamond’s MLB contracts are void, but perhaps half of his NBA deals are losing money and a few of his NHL deals are burning, according to a source.
Insider warnings can be a source of frustration for teams and sports fans when talks don’t go well. The MLB is preparing to set up new media contracts with teams that Diamond rejects in bankruptcy and broadcast their games directly in their local markets, two sources said. Currently, MLB broadcasts games out of national markets but does not have local rights.
“They feel they can make plays up and go fast. However, they cannot tell us that it is 100% confirmed,” said a source close to the situation.
Diamond’s poor talks with the league surprised investors including defensive end Angelo Gordon, who in the fall had some of Diamond’s debts and was expected to be traded to MLB, according to and a source close to the point. He has now sold his investments at a loss and is no longer involved, the source said.
The league has hired banks as they try to negotiate. MLB has hired investment banks Morgan Stanley and Guggenheim Partners. The NBA suspended Allen & Co., and the NHL is now looking for a bank, sources say.
MLB, the NBA and the NHL declined to comment. Angelo Gordon and the San Diego Padres did not respond to requests for comment.
Diamond this month hired David Preschlak, a former president of NBC’s regional sports network, as its new CEO. He is meeting with MLB as he tries to build a better relationship with the league than his predecessor, sources said.
Paul Caminiti, a spokesman for Diamond Sports Group, said, “The idea of rejecting MLB contracts is completely wrong. DSG is committed to improving and strengthening our relationships with MLB, NBA and the NHL by fulfilling our contractual obligations and acquiring more rights. He declined to comment on a potential bankruptcy.
Crashes and crashes can be dangerous and many teams can lose revenue, warns Greg Bouris, director of Adelphi University’s Sports Management Program and former director of communications for the MLB Players Association.
“The bankruptcy of Diamond may accelerate the shape of the sports advertising market in the future and there may be an initial problem before a permanent solution is found,” said Bouris. “It may be in the best interest of the league to include the players in discussing this situation because there may be a temporary economic downturn.”
However, he added, the industry is ripe for restructuring. As sports are used to help cable companies sell subscriptions, the broadcasts are increasingly at odds with disputes between the disconnection of cables. Increasingly, the risk is that younger viewers will not participate in sports altogether.
“I think the sports league should reorganize the distribution of games, the organization of games and delete some games,” said Bouris. “I think there are solutions related to the distribution and production of new things based on technology.”
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What is FP Santangelo doing now?
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What is Eric Karros doing now?
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However, if FP rejects their offer, and his case goes to court, FP may face 40 years in prison.
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| “Chapter Twelve: Anatomy of a Murderer” | |
|---|---|
| Riverdale episode | |
| Newspapers showing the arrest of FP Jones for the murder of Jason Blossom | |
| Section No. | Week 1 Episode 12 |
| Directed by | Rob Seidenglanz |
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