Diamond Sports Group, owner of MLB broadcast rights, files for bankruptcy.

Diamond Sports, the largest owner of regional sports networks, has filed for Chapter 11 bankruptcy protection after missing a $140 million payment on its more than $8 billion debt load. The company is finalizing a restructuring support agreement with a majority of its debt holders and Sinclair to clear its debt load. Diamond will not suspend local broadcast service of 19 networks under the Bally Sports brand across the country, which includes coverage of professional hockey, basketball, and baseball games. The bankruptcy proceedings may lead to the termination of contracts of at least four MLB teams.