LATEST: A major sports television network is about to officially declare bankruptcy
We have just learned, according to reports from Elliotte Friedman on his 32 Thoughts podcast, that a major television network is reportedly about to officially declare bankruptcy.
"There's a major story in development in the sports world right now, and it's not talked about enough because there's too much action right now, when we're in the middle of the NHL season, but it's probably the biggest story in the hockey world right now.
The very large and popular Bally Sports RSN is declaring bankruptcy. That includes no less than 12 (!) NHL TV networks, 12 NHL Networks."
The very large and popular Bally Sports RSN is declaring bankruptcy. That includes no less than 12 (!) NHL TV networks, 12 NHL Networks."
Here are the details:
"Bally Sports RSNs are preparing for bankruptcy, including 12 NHL Networks.
The company called Diamond Sports Group LLC, which runs the Sinclairs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the networks going through bankruptcy, but it's not guaranteed.
In total, Sinclair owes $55 billion in sports media rights, according to Bloomberg. A bankruptcy could jeopardize payments to the NBA and NHL. It is reported that Sinclair will skip a $140 million interest payment due in mid-February, beginning a 30-day grace period for the company.
[...]
This would affect media outlets in Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay and Florida." - Via Puckempire, Instagram
The company called Diamond Sports Group LLC, which runs the Sinclairs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the networks going through bankruptcy, but it's not guaranteed.
In total, Sinclair owes $55 billion in sports media rights, according to Bloomberg. A bankruptcy could jeopardize payments to the NBA and NHL. It is reported that Sinclair will skip a $140 million interest payment due in mid-February, beginning a 30-day grace period for the company.
[...]
This would affect media outlets in Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay and Florida." - Via Puckempire, Instagram
The markets that would be affected are Arizona, Los Angeles, Anaheim, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay and Florida.
Wow!
This is huge news, especially since it will greatly impact the broadcasting of NHL games in the affected cities. It remains to be seen how this will impact the NHL's finances, especially in places like Arizona, a place where the broadcasting of NHL games was already in jeopardy.
To be continued.
Credit: HabsetLNH.com
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