Diamond Sports Group LLC., the owner of 19 Bally Sports regional sports networks, will declare bankruptcy next week.
The company has $140 million in interest payments due next week. Instead of paying the amount, the group will instead file for Chapter 11.
The group has local broadcasting rights to over 40 teams in the NBA, NHL, and MLB. Diamond has $1.8 billion in rights fees due this year to the three sports leagues.
Diamond renewed its streaming contract for 16 NBA teams last year, including the Hawks, Heat, Mavs, Clippers, Bucks, and Suns.
Via Scott Soshnick, Eben Novy-Williams, Brendan Coffey/Sportico