KEY POINTS
  • Diamond Sport Group, an unconsolidated and independently run subsidiary of Sinclair Broadcast Group, filed for bankruptcy protection on Tuesday.
  • The company, which airs local NBA, NHL and MLB games across the country, said it plans to restructure its more than $8 billion debt load.
  • Diamond said it was still finalizing the restructuring support agreement with creditors. The plan could see Diamond separate from Sinclair to become a standalone operation, Diamond said.

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The Ohio Cup Trophy on top of a Bally Sports logo prior to a game between the Cincinnati Reds and Cleveland Guardians at Progressive Field in Cleveland, May 17, 2022.

Diamond Sports Group, the largest owner of regional sports networks, filed for bankruptcy protection on Tuesday, toppled by a more than $8 billion debt load.

The company, which is an unconsolidated and independently run subsidiary of Sinclair Broadcast Group, filed for chapter 11 bankruptcy protection in Texas. The company said in a release it is finalizing a restructuring support agreement with a majority of its debt holders and Sinclair to wipe out its debt load.

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