If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Join our. About Sinclair Broadcast Group, Inc. Sinclair is a diversified media company and leading provider of local sports and news. The RSNs will be acquired via a newly formed indirect wholly-owned subsidiary of Sinclair, Diamond Sports Group LLC (“Diamond”). Diamond needs the revenue to support its heavy debt load, which stood at nearly $8 billion according to a second-quarter statement. Sinclair spent about $10 billion for the RSNs in 2019, purchasing the channels — acquired by The Walt Disney Co. in its purchase of 21st Century Fox, but then divested for antitrust reasons — through a newly formed subsidiary, Diamond Sports Group. Losing Hulu “isn’t a financial catastrophe for Sinclair, but points to the risks of increased cord-cutting as pay-TV operators push back on the high costs for sports,” Geetha Ranganathan, a Bloomberg Intelligence analyst, wrote in an updated report Thursday. Don't have a Benzinga account? On Monday, Steven Cahall with Wells Fargo said Sinclair’s Diamond Sports division will come out short at the end of this year’s abbreviated sports … Unsecured bondholders also brought in PJT Partners as investment bankers in recent weeks, according to people familiar with the matter. Bloomberg | Quint is a multiplatform, Indian business and financial news company. Sinclair Announces Closing of Private Debt Exchange Offer of Diamond Sports Group PR Newswire BALTIMORE, June 11, 2020 BALTIMORE, June 11, 2020 /PRNewswire/ -- Sinclair … We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. Sinclair Broadcast Group could lose around $130 million in cash as it refunds pay TV distributors due to a lack of sports programming, according to an analyst. We organize the best youth football tournaments to help young players to show their talent. A separate group of first-lien holders organized and hired lawyers at Gibson Dunn & Crutcher to represent them in future debt talks, the people said. The deal flopped, attracting only $66 million of the $1.8 billion in notes that Sinclair sought to retire. More damage piled up when the Covid-19 pandemic temporarily halted most live sports, leaving almost no games for its 23 networks to televise. The company had some success in July when it signed a multiyear agreement with Comcast Corp. to carry all its television stations and regional sports networks on cable. It’s been just over a year since Sinclair Broadcast Group purchased 21 Fox regional sports networks through its subsidiary Diamond Sports Group for $9.6 billion. Now, not much more than a year later, the Wall Street Journal reports that Sinclair and its creditors have each formed advisory groups as the company … For more information, please contact the sales representative from your area, locate your closest Diamond Dealer or contact Diamond's corporate headquarters. This includes Marquee Sports Network, which features baseball’s Chicago Cubs; the YES Network, which handles New York teams including the Yankees, the NBA’s Nets and WNBA’s Liberty; as well as continued distribution of Tennis Channel. On May 3, Sinclair officially announced that via its subsidiary Diamond Sports Group, it had agreed to purchase the networks for $10.6 billion, pending regulatory approval. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Credit investors had organized to oppose the debt exchange, hiring legal advisers from law firm Stroock & Stroock & Lavan, Bloomberg reported in May. After giving effect to the partial redemption, 175,000 Preferred Units of Diamond Sports Holdings remain outstanding. 0. Diamond products are sold through fine team sporting goods dealers nationwide. Diamond Sports Group, LLC is the indirect subsidiary, of the Sinclair Broadcast Group, Inc. Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an indirect subsidiary of … A representative for PJT and Moelis declined to comment. Sinclair bought Diamond Sports from Walt Disney Co. in 2019 for $9.6 billion and financed the deal with junk bonds, only to see them slump to distressed levels as the company struggled to sign deals with carriers. After questions were raised, I did a deep dive on Sinclair SEC filings concerning Diamond Sports' preferred equity. BALTIMORE, Aug. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ:SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an … Byron Allen has agreed to become an equity and content partner in a newly formed indirect subsidiary of Sinclair and an indirect parent of Diamond (“RSN Holding Company”). A leader in showcasing dedicated youth and high school players from 3rd-12th grade. Moody's Investors Service has downgraded the credit outlook of Diamond Sports Group, the consortium led by Sinclair Broadcast Group that owns the 23 regional sports … In May, as the pandemic was raging, Sinclair tried to ease the burden by asking junior bondholders to accept an exchange that would slash their principal by about half, in return for almost doubling the interest rate and a stronger claim on the company’s assets. The Wall Street Journal previously reported some of the adviser names. Sinclair reported over $12 billion of debt in its second-quarter statement, including nearly $8 billion tied to Diamond Sports. Specifically, the aforementioned business revealed that, the U.S. Department of Justice has approved the acquisition. The termination takes effect Friday, with Hulu continuing to provide sports coverage from other channels including ESPN, TNT and TBS, it said. Diamond Sports Group, LLC is the indirect subsidiary, of the Sinclair Broadcast Group, Inc. Sinclair is forming a wholly owned subsidiary, Diamond Sports Group LLC, with Byron Allen, founder, chairman, and CEO of Entertainment Studios, to acquire the sports networks. (Bloomberg) -- Hulu LLC dropped regional sports coverage provided by Sinclair Broadcast Group Inc.’s Diamond Sports, dealing another setback to the network as its bonds sank to record lows. Byron Allen has agreed to become an equity and content partner in a newly formed indirect wholly-owned subsidiary of Sinclair and an indirect parent of Diamond (“RSN Holding Company”). The RSNs were acquired via a newly formed, indirect subsidiary of Sinclair, Diamond Sports Group, LLC (“Diamond”). Create one. Missing BloombergQuint's WhatsApp service? Everything you need to know about the market - quick & easy. If the inability to secure proper carriage for the RSNs led to the insolvency of Diamond Sports, the Sinclair subsidiary that owns the sports channels, Malone joked, it “would break my heart.” But the perception that distributors are getting fed up with pricey sports channels is becoming a dilemma throughout the industry. 3.4 million Hulu subscribers will no longer have the ability to tune in and watch their favorite NBA, NHL, or MLB teams compete in real-time. Last month Sinclair said YouTube TV will no longer carry its regional sports, adding that talks will continue. Hulu’s decision is the latest blow for Sinclair and Diamond, which have been losing carrier deals with pay-TV distributors in recent weeks. 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