Bally Sports owner Diamond Sports Group filed for Chapter 11 bankruptcy protection on Tuesday.
filed for Chapter 11 bankruptcy protection on Tuesday.How Diamond emerges — or doesn't — from this process will be viewed as a bellwether for the increasingly dire future of regional sports networks.
As part of the process, Diamond will immediately separate from Sinclair Broadcast Group and become a stand-alone company. The move is part of a debt-for-equity swap with its creditors.
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