Diamond Sports Group, owner of major regional sports networks, files for bankruptcy.

Diamond Sports Group, the largest owner of regional sports networks, has filed for Chapter 11 bankruptcy protection after missing a $140 million interest payment last month. The company owns 19 networks under the Bally Sports banner, with rights to 42 professional teams. Diamond Sports expects to continue operating during the bankruptcy process and is negotiating a restructuring agreement with debt holders that will eliminate most of its debt. Sinclair Broadcast Group bought the regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019.