The good: Comcast and Directv have agreed to extensions.
The bad: report below suggests Diamond has decided to shut down next year.
Post excerpt:
"The NBA and NHL are leaning toward accepting the haircut, which would allow Diamond to survive for another year, the source said.
“This is a reorganization that will become a liquidation,” another source said.
A Diamond spokesman declined comment.
Diamond will shut its doors but not until it makes some money from more profitable contracts so the creditors get some recovery, two sources said.
That also would help the NBA and NHL which are not well prepared for a liquidation, sources said.
Another possibility is Diamond would stop broadcasting games in markets where it is losing money if it cannot reach an overall deal with either the NBA or NHL, according to the first source.
Bally Sports’ parent company, Diamond Sports Group, is in a tough fight for survival. The company, stuck in the middle of bankruptcy proceedings, needs to strike some major deals and create a go-forward plan by the court-ordered deadline of September 30, 2023. Now, the New York Post is reporting...
cordcuttersnews.com
The Sinclair subsidiary, which declared bankruptcy in March with $9 billion in debt, owns the broadcast rights to 15 NBA teams and 12 NHL teams as both leagues prepare to open their seasons next mo…
nypost.com
'This is a reorganization that will become a liquidation,' a source tells the 'New York Post'
www.nexttv.com
"Neither league looks poised to prop up individual teams with local TV distribution
the way Major League Baseball did for several of its clubs when Diamond forsook them over the summer".