Diamond Sports Group, LLC ("Diamond" or the "Company"), today issued the following updates.
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In December 2023, Diamond entered into confidentiality agreements (the “NDAs”) with certain holders of its funded indebtedness (the “Creditors”) in connection with the Creditors’ evaluation of a potential alternative transaction involving Diamond. In connection therewith, Diamond shared certain unaudited financial information and financial projections for future periods (the “Unaudited Financial Summary”) with the Creditors as part of discussions among the parties concerning a potential transaction to be implemented in connection with Diamond’s Chapter 11 cases.
Diamond also announced that on January 16, 2024, it entered into (1) a restructuring support agreement (the “RSA”) that provides a framework for a reorganization plan that would enable Diamond to emerge from bankruptcy as a going concern and continue operating beyond 2024 and (2) a settlement term sheet (the “Settlement Term Sheet”) with Sinclair, Inc., Bally’s Corporation, JPMorgan Chase Funding Inc., and JP Morgan Chase & Co.
Pursuant to the NDAs, Diamond agreed to publicly disclose certain information upon the occurrence of certain events set forth in the NDAs. Diamond is disclosing the Unaudited Financial Summary, the RSA, and the Settlement Term Sheet in satisfaction of its obligations under the NDAs.
Additional information regarding Diamond’s Chapter 11 cases, including court filings and information about the claims process are available at https://cases.ra.kroll.com/DSG.
About Diamond Sports Group
Diamond Sports Group LLC, an independently-managed and unconsolidated subsidiary of Sinclair, Inc., owns the Bally Sports Regional Sports Networks (RSNs), the nation’s leading provider of local sports. Its 18 owned-and-operated RSNs include Bally Sports Detroit, Bally Sports Florida, Bally Sports Great Lakes, Bally Sports Indiana, Bally Sports Kansas City, Bally Sports Midwest, Bally Sports New Orleans, Bally Sports North, Bally Sports Ohio, Bally Sports Oklahoma, Bally Sports San Diego, Bally Sports SoCal, Bally Sports South, Bally Sports Southeast, Bally Sports Southwest, Bally Sports Sun, Bally Sports West, and Bally Sports Wisconsin. The Bally Sports RSNs serve as the TV home to half of all MLB, NHL and NBA teams based in the United States. Diamond Sports Group also has a joint venture in Marquee, the home of the Chicago Cubs, and a minority interest in the YES Network, the local destination for the New York Yankees and Brooklyn Nets. Diamond RSNs produce nearly 4,500 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs.
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Contacts
Media
For Diamond Sports Group: Paul Caminiti/Renée Soto/Luc Herbowy, Reevemark, DiamondSportsTeam@reevemark.com
