This is really interesting sports business news stuff from the New York Post’s Josh Kosman:
MLB, the NBA and the NHL may orchestrate a buyout of the nation’s dominant owner of regional sports TV networks, whose shaky finances pose an increasing threat to their teams, The Post has learned.
The trio of pro-sports leagues are expected to soon begin talks with Diamond Sports, which operates 21 regional Bally Sports networks that account for more than half the local broadcast markets around the country, sources close to the situation said.
A prospective deal is looming as Diamond — owned by Baltimore-based Sinclair Broadcast Group — has been hemorrhaging cash and could be headed for a possible bankruptcy filing if it doesn’t find a white knight in the coming months, the sources claimed.
Sinclair in early 2019 won an auction to buy Fox Sports Networks from 21st Century Fox for $10.6 billion, giving it exclusive rights to broadcast the games of 42 teams. These included 14 MLB teams like the St. Louis Cardinals and San Diego Padres; 16 NBA teams including the Miami Heat; and 12 NHL teams including the Detroit Red Wings.
