Everything you need to know about the market - quick & easy. Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an indirect subsidiary of … Sinclair bought Diamond Sports from Disney in 2019 for $9.6 billion and financed the deal with junk bonds, only to see them slump to distressed levels amid slow progress on getting carriers locked in. “We believe the lenders’ decision not to exchange indicates their belief in the long-term positive value of Diamond,” Sinclair Chief Executive Officer Chris Ripley told investors in August. The termination takes effect Friday, with Hulu continuing to provide sports coverage from other channels including ESPN, TNT and TBS, it said. 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. Sinclair Television Group, Inc. 5.625% Senior Unsecured Notes Due 2024, Cusip # – 829259AR1 5.875% Senior Unsecured Notes Due 2026, Cusip # – 829259AU4 5.125% Senior Unsecured Notes Due 2027, Cusip # – 829259AW0 5.500% Senior Unsecured Notes Due 2030, Cusip # – 829259AY6 Diamond Sports Group LLC Diamond Sports Finance Company --Sinclair Broadcast Group, Inc. announced today that Diamond Sports Holdings LLC, an indirect subsidiary of the Company, has redeemed 350,000 of its Preferred Units using cash … Recently, the Sinclair Broadcast Group, Inc. announced that, it has completed the acquisition of the Fox Regional Sports Networks. The Wall Street Journal previously reported some of the adviser names. 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. Credit investors had organized to oppose the debt exchange, hiring legal advisers from law firm Stroock & Stroock & Lavan, Bloomberg reported in May. Sinclair reported over $12 billion of debt in its second-quarter statement, including nearly $8 billion tied to Diamond Sports. Unsecured bondholders also brought in PJT Partners as investment bankers in recent weeks, according to people familiar with the matter. http://www.prnewswire.com/news-releases/sinclair-announces-partial-redemption-of-diamond-sports-holdings-preferred-units-301114810.html, Privacy Policy / Do Not Sell My Personal Data. I believe I have confirmed that they are indeed guaranteed by Sinclair. After questions were raised, I did a deep dive on Sinclair SEC filings concerning Diamond Sports' preferred equity. 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 … The deal flopped, attracting only $66 million of the $1.8 billion in notes that Sinclair sought to retire. The company is now reportedly looking into restructuring, with an analyst calling the RSNs “Sinclair’s Achilles heel.” The company and its creditors have each brought in advisers to assist with […] Disney and Sinclair Broadcast Group have formally closed their $9.6 billion transfer of 21 regional sports networks once owned by 21st Century Fox. The company is getting advice from investment bank Moelis & Co., the people said. All 21 regional sports networks controlled by Diamond Sports Group, a consortium led by Sinclair Broadcast Group, along with the Yes Network and Marquee network have been eradicated from Hulu’s live TV bundle as of midnight, Friday, October 23rd. About Sinclair Broadcast Group, Inc. Sinclair is a diversified media company and leading provider of local sports and news. 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. (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. Diamond Sports group also conducts national combines and camps for various sports to include Football, Baseball, Cheerleading and Lacrosse. Specifically, the aforementioned business revealed that, the U.S. Department of Justice has approved the acquisition. “We were unable to reach an agreement with Sinclair Broadcast Group to continue offering channels like your Fox Sports RSN, YES Network, and Marquee Network,” Hulu said in a message to subscribers Thursday that was reviewed by Bloomberg. 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 … If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. BALTIMORE, Aug. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ:SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an … 0. 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. Notes issued by Diamond Sports set record intraday lows Thursday and ranked among the high-yield market’s biggest losers. 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. Diamond financed much of the deal with debt, taking on partners like Entertainment Studios founder Byron Allen to help with funding. Sinclair’s contract with Dish comes up in 2021. 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 … Diamond Sports Group is the recognized leader in Youth All American Games that expose the unknown athlete and sheds more light on the known athlete. A representative for PJT and Moelis declined to comment. The deal was announced in May af… The RSNs were acquired via a newly formed, indirect subsidiary of Sinclair, Diamond Sports Group, LLC (“Diamond”). Hulu’s decision is the latest blow for Sinclair and Diamond, which have been losing carrier deals with pay-TV distributors in recent weeks. Create one. In order to close its $71.3 billion acquisition o… 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. --Sinclair Broadcast Group, Inc. announced today that Diamond Sports Holdings LLC, an indirect subsidiary of the Company, has redeemed 350,000 of its Preferred Units using cash … 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. In accordance with the terms of the Amended and Restated Limited Liability Company Agreement of Diamond Sports Holdings, the Redeemed Preferred Units were redeemed for an aggregate redemption price equal to $350,000,000, representing 100% of the unreturned capital contribution with respect to such Redeemed Preferred Units, plus $3,850,000 in accrued and unpaid dividends, with respect to such Redeemed Preferred Units up to, but not including, the redemption date, for a total redemption amount of $353,850,000. Sinclair Broadcast Group and the Walt Disney Company have closed their $9.6 billion deal for Sinclair to buy 21 Fox Regional Sports Networks and Fox College Sports. Sinclair is a diversified media company and leading provider of local sports and news. The company is now reportedly looking into restructuring, with an analyst calling the RSNs “Sinclair’s Achilles heel.” The company and its creditors have each brought in advisers to assist with […] Hulu, owned by Walt Disney Co., didn’t respond to messages, and a Disney representative didn’t have an immediate comment. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an indirect subsidiary of … Diamond products are sold through fine team sporting goods dealers nationwide. After giving effect to the partial redemption, 175,000 Preferred Units of Diamond Sports Holdings remain outstanding. 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”). I believe I have confirmed that they are indeed guaranteed by Sinclair. BALTIMORE, Aug. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ:SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an indirect subsidiary of the Company, has redeemed 350,000 of its Preferred Units (such units, the "Redeemed Preferred Units") using cash dividends from DSH's indirect subsidiary, Diamond Sports Group, LLC. Recently, the Sinclair Broadcast Group, Inc. announced that, it has completed the acquisition of the Fox Regional Sports Networks. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. The RSNs will be acquired via a newly formed indirect wholly-owned subsidiary of Sinclair, Diamond Sports Group LLC (“Diamond”). Don't have a Benzinga account? 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. Stroock and Gibson Dunn didn’t immediately return messages seeking comment. Sinclair's content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and digital platforms. 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 “The loss of carriage on YouTube TV adds to the list of the struggles the regional sports networks in general are having with the over-the-top side of things,” Bloomberg Intelligence analyst Mike Campellone said at the time of the announcement. The 2027 unsecured bonds fell as much as 2.25 cents on the dollar to 46.5 cents. A leader in showcasing dedicated youth and high school players from 3rd-12th grade. 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. 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. 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. 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 … 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 | Quint is a multiplatform, Indian business and financial news company. The first-lien notes due in 2026 dropped as much as 4 cents on the dollar 62 cents, according to Trace pricing data. World News - United States - Hulu abandons Sinclair regional sports networks - Hulu LLC Dropped Coverage of Regional Sports Networks Provided By Sinclair Broadcast Group Inc Diamond Sports, Facing Another Setback For A Struggling, Debt-Loaded Service CAMEROON MAGAZINE - CAMEROUN INFO - CAMEROUN ACTU Bloomberg, Chicago Cubs, Fox Sports Networks, Hulu, Regional sports network, Sinclair … “While we offered Hulu a deal consistent with terms agreed to by other distributors, the streaming service refused to accept these fair and market-based terms,” Barry Faber, Sinclair’s president of distribution and network relations, said in a statement sent to Bloomberg. Sinclair Broadcast : Announces Private Offering of Senior Secured Notes and Senior Notes of Diamond Sports Group. Diamond Sports Group, LLC is the indirect subsidiary, of the Sinclair Broadcast Group, Inc. The information contained in this report shall not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Diamond needs the revenue to support its heavy debt load, which stood at nearly $8 billion according to a second-quarter statement. Diamond Sports Group, a wholly-owned subsidiary of the nation’s largest owner of local TV stations Sinclair Broadcasting Group, has acquired 21 regional sports networks in a deal with Disney that encompasses local rights to 42 pro teams and saw revenue of $3.8 billion in 2018 from 74 million subscribers. Diamond’s portfolio of broadcast rights includes Major League Baseball, the National Basketball Association and the National Hockey League. At the same time, it was also revealed that Entertainment Studios would hold an equity … 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. View original content to download multimedia:http://www.prnewswire.com/news-releases/sinclair-announces-partial-redemption-of-diamond-sports-holdings-preferred-units-301114810.html, Thank you for subscribing! 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. 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. After questions were raised, I did a deep dive on Sinclair SEC filings concerning Diamond Sports' preferred equity. Diamond Sports Group, LLC is the indirect subsidiary, of the Sinclair Broadcast Group, Inc. The Company owns and/or operates 22 regional sports network brands; owns, operates and/or provides services to 191 television stations in 89 markets; is a leading local news provider in the country; owns multiple national networks; and has TV stations affiliated with all the major broadcast networks. We conduct a one or two day training and assessment session for youth and high School athletes to show their skills football youth group games and in other sports. Some of Disney’s other properties also compete for the right to telecast games, such the ESPN sports network. Get noticed through our Diamond event. Sinclair Announces Closing of Private Debt Exchange Offer of Diamond Sports Group PR Newswire BALTIMORE, June 11, 2020 BALTIMORE, June 11, 2020 /PRNewswire/ -- Sinclair … Last month Sinclair said YouTube TV will no longer carry its regional sports, adding that talks will continue. 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. For more information, please contact the sales representative from your area, locate your closest Diamond Dealer or contact Diamond's corporate headquarters. Specifically, the aforementioned business revealed that, the U.S. Department of Justice has approved the acquisition. 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”). 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. We organize the best youth football tournaments to help young players to show their talent. Join our. “It is unfortunate that Hulu has chosen to take away some of the most popular programming on TV from millions of subscribers, particularly given that Hulu has promised its subscribers that it has live sports.”. The world looked a whole helluva lot different when Sinclair Broadcast Group spent $10.6 billion to purchase 21 for Fox regional sports networks through its subsidiary Diamond Sports Group. On its second-quarter earnings call, management said it has about 85% of its subscriber base locked in for at least two years. A daily collection of all things fintech, interesting developments and market updates. Sinclair Television Group, Inc. 5.625% Senior Unsecured Notes Due 2024, Cusip # – 829259AR1 5.875% Senior Unsecured Notes Due 2026, Cusip # – 829259AU4 5.125% Senior Unsecured Notes Due 2027, Cusip # – 829259AW0 5.500% Senior Unsecured Notes Due 2030, Cusip # – 829259AY6 Diamond Sports Group LLC Diamond Sports Finance Company 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 owns and/or operates 23 regional sports network brands; owns, operates and/or provides services to 191 television stations in 89 markets; is a leading local news provider in the country; owns multiple national networks; and has TV stations affiliated with all the major broadcast networks. Missing BloombergQuint's WhatsApp service? The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net. 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