After firing its former president, Steve Rosenberg, back in March right after it entered Chapter 11 restructuring, Sinclair's Diamond Sports Group has filed a brief seeking approval from the Houston court overseeing its bankruptcy to approve its settlement agreement with the longtime Universal Television executive.
Let's just say Rosenberg will land on his feet ... on the putting green.
The proposed settlement agreement calls for Rosenberg to be kept on as a consultant with a monthly fee of $109,665. For the first seven months, $49,140 of that total will be used to pay off a loan Sinclair approved for him to pay for $343,980 golf club membership last year. That money came out of subsidiary Diamond's coffers.
"Mr. Rosenberg has agreed to provide the Services to the Debtors on an as-requested basis and only as directed by the Debtors’ Chief Executive Officer and Chief Operating Officer," the settlement motion reads.
"Accordingly, the Settlement Agreement would not only prevent Mr. Rosenberg from competing with the Debtors’ business and soliciting its customers and employees during this critical time of transition, but also ensure that all services provided by Mr. Rosenberg going forward will be in lock-step coordination with the Debtors’ current executive leadership team," the document adds.
Rosenberg, who headed Universal Television in the late 1990s and aughts, was hired by Sinclair in July 2020, ahead of the company's move to place management of its Bally Sports regional sports networks in subsidiary Diamond.
Rosenberg's role was filled by Diamond chief financial officer David DeVoe, with his reports answering on an interim basis to CEO David Preschlack.
