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Primary Menu Sections Search Search Skip to search results * News * Metro * Page Six * Sports Open sub menu * NFL * MLB * NBA * NHL * College Football * College Basketball * Post Sports+ * Sports Betting * Business Open sub menu * Personal Finance * Opinion * Entertainment Open sub menu * TV * Movies * Music * Celebrities * Awards * Theater * Shopping * Lifestyle Open sub menu * Weird But True * Health * Sex & Relationships * Viral Trends * Human Interest * Parenting * Fashion & Beauty * Food & Drink * Travel * Real Estate * Media * Tech * Astrology * Video * Photos * Visual Stories * Sub Menu 1 * Today’s Paper * Covers * Columnists * Horoscopes * Games * Sports Odds * Podcasts * Careers * Sub menu 2 * Email Newsletters * Official Store * Home Delivery * Tips Log In Search Email New York Post November 3, 2023 Search Search Business exclusive * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * * Comments SINCLAIR BROADCASTING WANTS TO SCOOP UP BANKRUPT RSN GIANT DIAMOND SPORTS: SOURCES By Josh Kosman SOCIAL LINKS FOR JOSH KOSMAN * View Author Archive * email the author * follow on twitter * Get author RSS feed CONTACT THE AUTHOR Name(required) Email(required) Comment(required) Submit Δ Thanks for contacting us. We've received your submission. Back to Reading Published Nov. 2, 2023, 2:40 p.m. ET 0:00 / 0:00 McDonald's revenue soars as it hikes menu prices: '$18 Big Macs' MORE ON: SINCLAIR BROADCASTING * MLB, NBA AND NHL UNLIKELY TO SAVE STRUGGLING TV REGIONAL SPORTS NETWORKS: SOURCES * WHAT JJ REDICK’S EXPANDED ROLE WILL LOOK LIKE IN ESPN’S NBA LINEUP * MLB, NBA AND NHL MAY BUY BIGGEST OWNER OF REGIONAL SPORTS TV NETWORKS: SOURCES * CHICAGO CUBS IN TALKS TO LAUNCH STREAMING SERVICE AMID RESISTANCE FROM MLB: SOURCES Sinclair Broadcasting Group wants to pay pennies on the dollar to regain control of a nationwide chain of regional sports networks — which it had paid $10.6 billion to acquire four years ago only to see it fall into bankruptcy this spring, The Post has learned. Sinclair, which owns 185 television stations in 86 markets, has offered roughly $850 million in partnership with Bally’s owner Soo Kim to regain control of its bankrupt subsidiary, Diamond Sports Group, which airs local games on TV under the Bally Sports brand and owns the rights to 39 teams across MLB, the NBA and NHL, sources said. The deal looks like a last gasp to keep the decades-old regional sports networks broadcasting on local TV. Diamond, which has been mired in bankruptcy court since March and is looking to restructure debts of up to $8.6 billion, has asked the court for another extension, from November 29 to Jan. 29, to present a restructuring plan, the sources said. But industry experts and the sports leagues say a delay only prolongs the inevitable fate of the troubled RSN model, which suffers from continued cord-cutting and dwindling advertising revenue. “You need to stop putting a Band-Aid on the regional sports network problem and come up with long-term solutions,” media analyst Rich Greenfield of LightShed Ventures told The Post. 4 Diamond which operates under Bally’s Sports has rights to broadcast 39 teams. This map was made before it cancelled the Padres, Diamondbacks and Coyotes contracts.Bally Sports Those solutions involve finding deep-pocketed streamers like Amazon and Apple to buy the rights, or reselling them to the individual teams, sources said. Last month, MLB argued against the extension, saying Diamond has failed for months to find a profitable operating model, Sportico reported. MLB said that Diamond’s cash on hand declined nearly 90%” between March and August, leaving its final reserves at about $22 million, according to the court record. “There is no reason to believe that the debtors will finally figure out a path forward,” the league’s lawyers said in court filings Diamond has been progressing in a deal with the NBA to cut the roughly $600 million it pays in annual rights fees by about 20% for two seasons. But the NBA wants all its media rights back after the 2024-25 season – when its national deals with Turner and ESPN expire, a source close to those talks said. Commissioner Adam Silver plans to sell all the league’s streaming rights to a tech giant like Amazon starting in the 2025-26 season, a source with knowledge of those talks said. 4 Sinclair is trying to buy back its bankrupt subsidiary Diamond Sports that carries Milwaukee Bucks games featuring its new star Damian Lillard. Getty Images Warner Brothers Discovery, Diamond’s biggest RSN rival, announced earlier this year it was getting out of the regional sports network business altogether. It sold its rights to the Astros and Rockets back to the teams and shut down other operations. Locally, the Yankees and Mets control their own broadcasts through YES and SNY, respectively. The Knicks, Rangers and Devils are televised by James Dolan’s MSG Networks. 4 Sinclair CEO Chris Ripley wants to control Diamond Sports again if Diamond drops its $1.5 billion suit against his company.AWNewYork/Shutterstock 4 NBA commissioner Adam Silver is willing to help Diamond Sports restructure if the NBA gets back all media rights before the 2025-26 season.AP As a condition of its deal, Sinclair wants Diamond to drop a $1.5 billion lawsuit against the parent company that alleges it pulled out money from the debt-laden subsidiary for management fees and dividends while knowing it was insolvent. Sinclair has presented its bargain-basement offer to Diamond’s junior creditors, who hold about $8 billion of that debt and must decide whether to accept what amounts to about four cents on the dollar or the chance to roll their stakes into the new company, sources said. Presently, the trading value of Diamond’s debt is about two cents on the dollar, the sources added. What do you think? Post a comment. Bally’s Sinclair, and the NBA declined comment. SHARE THIS ARTICLE: * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * * Comments Filed under * adam silver * comcast * sinclair broadcasting * 11/2/23 Read Next Bill Ackman demands suspension of Harvard Law Review edito... WHAT TO SHOP NOW * OPRAH'S 2023 FAVORITE THINGS LIST IS HERE: SHOP 40 OF HER BEST GIFT IDEAS * THE 40 BEST ADVENT CALENDARS YOU CAN ALREADY BUY FOR THE HOLIDAY SEASON * 40 HOT AND POPULAR HOLIDAY TOYS TO SHOP FOR IN 2023, PER TREND EXPERTS — FROM "BARBIE" TO BLUEY * TARGET'S EARLY BLACK FRIDAY DEALS ARE HERE: SHOP THE 20 MUST-HAVE PRODUCTS ON SALE * THE 27 BEST COOKWARE BRANDS FOR SERVING UP YOUR FINEST DISHES THIS HOLIDAY SEASON COLUMNISTS * STEVE CUOZZO MANHATTAN'S STALLED OFFICE LEASING MARKET POISED FOR LATE-YEAR BOOM * CHARLES GASPARINO APOLLO CEO HITS BACK AT UPENN LEADERSHIP AFTER ANTISEMITISM ON CAMPUS * KEN FISHER WORRIED ABOUT JOBS? INFLATION? THE FED? LET'S TALK REALITY SEE ALL COLUMNISTS TRENDING NOW IN BUSINESS * This story has been shared 12,924 times. 12,924 HAMPTONS 'MIDDLE CLASS' HOMES PRICED BELOW $5M SLAMMED IN SELLING FRENZY * This story has been shared 11,696 times. 11,696 UNION COLLEGE FACING OUTRAGE OVER STUDENT WHO SAID PRO-ISRAEL RALLY ATTENDEES SHOULD 'BURN IN HELL' * This story has been shared 3,522 times. 3,522 GOLDMAN 'STEALTH' FIRING WORKERS AS FIRM ANNOUNCES NEW CLASS OF MANAGING DIRECTORS NOW ON PAGE SIX * BETHENNY FRANKEL CLAIMS RAMONA SINGER WAS AXED FROM BRAVOCON FOR ‘OPTICS’: ‘THEY’RE SCRAMBLING’ * LEAH MCSWEENEY REACTS TO ANDY COHEN LAUGHING OFF RACISM, DISCRIMINATION ALLEGATIONS: ‘WOW’ * ERIN ANDREWS ON DRESSING TAYLOR SWIFT, HER ‘ADORABLE’ BABY GIFT FROM TRAVIS KELCE AND HER BAUBLEBAR COLLAB See All VIDEO * DORIT KEMSLEY ON MARRIAGE RUMORS, ALEXIA NEPOLA BREAKS DOWN 'RHOM' DRAMA, PLUS DANNY & EVAN'S BRAVO DEBUT Diamond which operates under Bally's Sports has rights to broadcast 39 teams. This map was made before it cancelled the Padres, Diamondbacks and Coyotes contracts. Bally Sports Sinclair is trying to buy back its bankrupt subsidiary Diamond Sports that carries Milwaukee Bucks games featuring its new star Damian Lillard. Getty Images Sinclair CEO Chris Ripley wants to control Diamond Sports again if Diamond drops its $1.5 billion suit against his company. AWNewYork/Shutterstock NBA commissioner Adam Silver is willing to help Diamond Sports restructure if the NBA gets back all media rights before the 2025-26 season. 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