Friday, January 27, 2023

Bye bye Bally Sports?

A report came out this week indicating that Bally Sports was in serious financial trouble. The company is preparing to file for bankruptcy, according to the report. That would include the Bally Regional Sports Networks (RSNs).

The company called Diamond Sports Group LLC, which runs Sincalirs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the channels operating thanks to bankruptcy.

In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.

Sinclair is facing the perfect storm of paying a very high price for the old Fox Sports RSNs just as cord cutting was exploding. Now payouts from cable networks are reportedly drying up as companies are refusing to pay the high price Sinclair wants for its Bally Sports RSNs.

This is not good news. Well, it certainly seems like it's not. Perhaps the long term effect of losing Bally Sports RSNs will be positive, but that remains to be seen. I was going to try the Bally Sports streaming package during baseball season, if the Braves are available that way. Now, I'm not sure how I'll get the Braves back into my Streaming Life.

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