Diamond Sports Group, the operator of 42 Regional Sports Networks for MLB, NHL, and NBA teams, has filed for bankruptcy.
- The company is $8 billion in debt but will continue to operate through Chapter 11 proceedings.
- As a result, MLB teams could end up breaking their TV contracts with Diamond if the company can't keep up on rights fees when the season starts. Diamond is also expected to drop the contracts of less profitable teams like the Rays or Pirates.