Diamond Sports files for bankruptcy, will continue to air MLB, NBA, NHL games
Diamond Sports Group, which operates regional sports networks that televise nearly half of all MLB, NBA and NHL games, filed for Chapter 11 bankruptcy protection Tuesday.
In a statement Tuesday, Diamond said it was finalizing a restructuring agreement to eliminate over $8 billion in debt and strengthen its balance sheet. The company said it will continue to operate during the proceedings, and will continue to broadcast games.
In February, Diamond skipped $140 million in interest payments on debt and said it would use a 30-day grace period to reorganize its finances.
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