Diamond Sports Group, Owner of Multiple MLB Teams' Broadcast Rights, Files for Bankruptcy

Diamond Sports Group, the largest owner of regional sports networks, including Bally Sports Detroit, 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, including the Detroit Tigers, Red Wings, and Pistons. 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.