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Sinclair Newsbeat

Thursday, August 17, 2023

Sports broadcaster sues parent Sinclair, alleging $1.5 billion fraud

Bankrupt Diamond Sports Group has sued its parent company Sinclair Broadcast Group (SBGI.O) for fraudulently withdrawing as much as $1.5 billion from the regional sports business, according to a lawsuit made public on Wednesday.

Diamond Sports, which broadcasts nearly half of NBA, NHL and MLB local games through its “Bally Sports” branded channels, said that Sinclair began siphoning the company’s assets away almost immediately upon acquiring it in 2019. Sinclair’s actions defrauded Diamond and its creditors, because Sinclair knew that Diamond was “careering toward bankruptcy” due to declining revenue from cable and satellite television subscriptions, according to the lawsuit.

“Throughout this entire period of precipitous decline, Sinclair unrelentingly continued to carry out its plan to ‘milk’ Diamond for Sinclair’s own benefit and to extract whatever value it could salvage before Diamond’s inevitable bankruptcy,” Diamond wrote in a complaint filed in U.S. bankruptcy court in Houston, Texas.

 

RoyalsRetro (AG#1F) Posted: August 17, 2023 at 02:20 PM | 11 comment(s)
  Beats: diamond sports, rsns, sinclair

Wednesday, May 31, 2023

Diamond Sports Group fails to pay Padres, loses broadcast rights

Diamond Sports Group has decided not to pay the San Diego Padres their latest rights fee, a monumental development that will revert the team’s broadcasting rights to Major League Baseball and establish precedent for an uncertain, rapidly evolving landscape.

Diamond, the Sinclair subsidiary that operates under the name Bally Sports, skipped its payment to the Padres a couple of weeks ago and had until the end of its grace period on Tuesday to make the team whole and maintain their long-term agreement. Choosing not to meant Tuesday’s game against the Miami Marlins was the last Padres game under the Bally Sports umbrella. Moving forward—starting Wednesday, continuing through the end of the season and resuming in perpetuity—MLB will air Padres games through its streaming service and on different cable channels.


MLB will provide Padres games through its MLB.TV app for free through Sunday. After that, in-market fans can continue to stream games for $19.99 a month or $74.99 for the rest of the regular season on MLB.com and Padres.com (postseason games air on national platforms). Through this process, Padres games will no longer be subject to blackouts. Local fans can also watch Padres games through a variety of cable providers—AT&T U-Verse, DirecTV, Cox and Spectrum—on a different channel. fuboTV will also continue to air Padres games through its platform.

RoyalsRetro (AG#1F) Posted: May 31, 2023 at 09:16 AM | 27 comment(s)
  Beats: bally sports, padres, sinclair

 

 

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