Diamond Sports Group misses payment owed to Padres, triggering the start of grace period; Bally Sports continues to broadcast spring training games
Diamond Sports has missed a rights fee payment owed to the Padres, a Major League Baseball source confirmed to the Union-Tribune, triggering the start of a grace period as opening day approaches next week.
Diamond’s court filings said the company has lost 22 million subscribers and $810 million in revenue over the last four years. The 22.6 percent drop is in part due to distributors like YouTube TV and Hulu+ Live TV dropping Bally Sports, Diamond’s attorneys said. The company owns the rights to stream five MLB teams’ games on the Bally Sports+ app, but the Padres are not one of them.
Diamond is looking to separate from Sinclair as a standalone company; bankruptcy would help the embattled company strengthen its balance sheet while continuing to bring broadcasts to fans, its attorneys say. Before filing for bankruptcy last week, Diamond had been expected to reject the contracts of at least four of their 14 MLB teams and as of Friday had missed payments to two of them: the Diamondbacks and Padres. The Diamondbacks’ grace period expired Thursday.
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