MLB commissioner Rob Manfred said Wednesday that the league will take over local broadcasts in the event that baseball’s primary cable home is unable to make its payments to the clubs, a fairly dry bit of maneuvering that could end with seismic change to the way fans watch games.
On Wednesday morning, the parent company of Bally Regional Sports networks, which combine to broadcast games for 42 professional sports teams, including 14 MLB teams, announced that it will miss a scheduled $140 million interest payment, which could be a first step in a bankruptcy proceeding.
Diamond Sports Group’s announcement triggers a 30-day grace period during which it can negotiate with the creditors to whom it owes the money. It has not yet missed payments to teams. (Diamond carriers Diamondbacks, Atlanta, Reds, Guardians, Tigers, Royals, Angels, Marlins, Brewers, Twins, Cardinals, Padres, Rays and Rangers games.) In a statement, Diamond said it “expects that its business will continue as usual, and it will keep broadcasting quality live sports productions for fans while it addresses its balance sheet.” As of Sept. 30, Diamond, which is owned by Sinclair Broadcasting, said it had debt of $8.674 billion. According to the Associated Press, it owes nearly $1 billion in rights fees to teams in the first quarter of 2023.
