• Loading stock data...
Sunday, April 14, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds
Law

Regional Sports Networks Throttle Sinclair’s Revenue During Quarter

  • Bankrupt Diamond Sports was the main driver of Sinclair's 40% total revenue dip in the first quarter.
  • Diamond Sports alleges the Suns, Mercury are in breach of contract over a new rights deal.
A phone displaying the Sinclair Broadcast Group logo is shown in front of the logo of their RSN brand, Bally Sports.
Shutterstock

Sinclair’s first-quarter revenue cratered 40% as its bankrupt regional sports network subsidiary continues to drag down the broadcast giant. 

Sinclair reported $773 million in total revenue compared to nearly $1.3 billion during the same period last year. Excluding Diamond Sports Group, Sinclair’s total revenue dipped 7%. 

Sinclair’s quarterly net income was $185 million — nearly a 93% drop from 2022. 

Diamond Sports — which owns and manages 19 Bally Sports-branded RSNs — filed for bankruptcy protection in March as it sought to restructure $8 billion in debt. Sinclair purchased the RSNs for $9.6 billion in 2019. 

In the weeks since the bankruptcy filing, Diamond Sports has continued to broadcast live game coverage on deals with 14 MLB teams — even after missing payments to the Cleveland Guardians, Minnesota Twins, Arizona Diamondbacks, Texas Rangers, and Cincinnati Reds. 

A judge ordered Diamond Sports to pay the Guardians, Twins, Diamondbacks, and Rangers half the rights fees owed to the team. The Reds were also paid an unspecified amount. 

Suns, Mercury Deal Fallout

The Phoenix Suns and Mercury announced a new local broadcast setup with Gray Television and the streaming firm Kiswe to replace Bally Sports Arizona on Friday.

Diamond Sports claimed the right to match any offer in a court filing Wednesday, as the Suns deal remains active amid the team’s ongoing 2022-23 season. 

“The Suns, Gray, and Kiswe were undoubtedly aware … [of what] their actions would have on Diamond Arizona’s precarious financial circumstances,” a Diamond Sports lawyer wrote in the filing. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Salt Lake City About to Land NHL’s Coyotes (Minus Their Name)

Salt Lake City’s NHL franchise will have a new name.

NFL’s Expanded Helmet Options Come With a Perk: More Merch

Teams can now add a third helmet design to their overall look.

Another Green Jacket and $3.6M: Scottie Scheffler Wins the Masters

The Masters offered a tournament record purse of $20 million this year.

Cheap Sandwiches, Pricey Shirts, and the Wild World of the Masters

The Masters is underway at Augusta National Golf Club.

Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Nike
Multiple - USA Careers
NBA
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

A Decade-Long Timeline of the Shohei Ohtani–Ippei Mizuhara Saga

Ohtani’s former interpreter has been federally charged with bank fraud.
April 11, 2024

O.J. Simpson Dies of Cancer at 76, Family Says

The family said that Simpson ‘succumbed to his battle with cancer.’
April 11, 2024

Shohei Ohtani’s Interpreter Stole $16 Million to Cover Gambling Losses, Feds Say

Authorities detailed how Ippei Mizuhara hid bank transfers from Ohtani.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 10, 2024

Shohei Ohtani’s Interpreter Pleading Guilty to New Charges, per Report

Ippei Mizuhara is said to have lost over $4.5M of Ohtani’s money.
April 9, 2024

Texans Minority Owner Accused of Rape Pleads Down to $100 Fine

Loya had faced seven counts, including first-degree rape.
April 5, 2024

‘Baseless Corporate Conspiracy’: Hedge Fund Heats Up Feud Between NBA Owners

The Mat Ishbia–Dan Gilbert feud has exploded into view this week.
April 4, 2024

Former Tottenham Owner Avoids Jail Time in ‘Brazen’ Insider Trading Case

Joe Lewis gets three years’ probation and a $5 million fine.