CINCINNATI — The broadcaster of the Cincinnati Reds, Bally Sports, has filed for bankruptcy.
Bally Sports' parent company Diamond Sports Group has filed for Chapter 11 bankruptcy protection, which will trigger an immediate separation from Sinclair Broadcast Group, an agreement that began in 2021.
Bally Sports Networks own the rights to 42 teams across the NBA, MLB and NHL in markets across the United States, including the Reds.
The company revealed details on the filing Tuesday in a U.S. Bankruptcy Court for the Southern District of Texas.
David Preschlack, CEO of Diamond, said the company "has determined that the best path forward for the company and its stakeholders is to restructure through a Chapter 11 process. We are utilizing this process to reset our capital structure and strengthen our balance sheet through the elimination of approximately $8 billion of debt."
Preschlack said, "The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans.”
The announcement comes just as the MLB is preparing to start its 2023 season, while the NHL and NBA are bringing their regular seasons to an end.
As of now, Bally Sports is still set to be the broadcaster for the Reds as Opening Day looms closer.
If Bally Sports would dissolve completely in the bankruptcy process, it's uncertain where exactly Reds games would be broadcast. The MLB issued a statement Thursday following the bankruptcy declaration calling it "an unfortunate development that we have been expecting," but that Bally should be continuing to televise all games they're committed to during the process.
"Major League Baseball is ready to produce and distribute games to fans in their local markets in the event that Diamond or any other regional sports network is unable to do so as required by their agreement with our clubs," MLB said. "Having streamed live games on MLB.TV for more than 20 years and produced live games for MLB Network since 2009, we have the experience and capabilities to deliver games to fans uninterrupted."
Other than MLB's preparedness in the face of the bankruptcy, the league has bolstered their local media capabilities, and they said they'll be reimagining MLB's distribution model to "address the changing media climate and ultimately reach an even larger number of fans."
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