Diamond Sports Group, LLC ("DSG," "Diamond," or the "Company") announced today that, to maximize its financial flexibility, the Company has determined to enter the 30-day grace period with respect to the approximately $140 million cash interest payments scheduled to be paid on February 15, 2023, on its 6.625% Senior Unsecured Notes due 2027, 5.375% 2L Senior Secured Notes due 2026, and 5.375% 3L Senior Secured Notes due 2026.
As a result, the Company will not make the interest payments on February 15, 2023. The Company intends to use the 30-day grace period to continue progressing its ongoing discussions with creditors and other key stakeholders regarding potential strategic alternatives and deleveraging transactions to best position Diamond Sports Group for the future.
Diamond Sports Group expects that its business will continue as usual, and it will keep broadcasting quality live sports productions for fans while it addresses its balance sheet.
About Diamond Sports Group
Diamond Sports Group LLC, an independently-managed and unconsolidated subsidiary of Sinclair Broadcast Group, Inc., owns the Bally Sports Regional Sports Networks (RSNs), the nation’s leading provider of local sports. Its 19 owned-and-operated RSNs include Bally Sports Arizona, 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 more than 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 approximately 5,000 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs each year.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005916/en/
Contacts
Media
For Diamond Sports Group: Paul Caminiti/Renée Soto/Luc Herbowy, Reevemark, DiamondSportsTeam@reevemark.com
