DETROIT — It's a crisis, to be sure. But the sky's not falling. At least, not yet.
That's the biggest takeaway from the Bally Sports kerfuffle, with the regional-sports network's parent company, Diamond Sports Group, officially filing for Chapter 11 bankruptcy protection earlier this week. The move has been a long time coming, as Diamond — which owns 19 RSNs, covering 42 teams, including the Detroit Tigers, Red Wings and Pistons — looks to clear its balance sheet of $8 billion in debt amid a challenging industry, set in motion by several years of sports fans' evolving viewing habits.
In the short term, as Diamond looks to get creditors to agree to swap much of what they're owed in exchange for company equity, very little should change for sports fans. Diamond has promised it will be business as usual for fans of the NBA and NHL, whose seasons are winding down, and Major League Baseball, which, with opening day looming, has assured it's ready to step in and stream games should Diamond not be able to continue.
