Sinclair's content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and digital platforms. 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. “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 Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an indirect subsidiary of … After giving effect to the partial redemption, 175,000 Preferred Units of Diamond Sports Holdings remain outstanding. I believe I have confirmed that they are indeed guaranteed by Sinclair. On its second-quarter earnings call, management said it has about 85% of its subscriber base locked in for at least two years. Diamond financed much of the deal with debt, taking on partners like Entertainment Studios founder Byron Allen to help with funding. The deal flopped, attracting only $66 million of the $1.8 billion in notes that Sinclair sought to retire. Diamond Sports group also conducts national combines and camps for various sports to include Football, Baseball, Cheerleading and Lacrosse. Diamond products are sold through fine team sporting goods dealers nationwide. --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 … Specifically, the aforementioned business revealed that, the U.S. Department of Justice has approved the acquisition. 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 needs the revenue to support its heavy debt load, which stood at nearly $8 billion according to a second-quarter statement. 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. 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. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Unsecured bondholders also brought in PJT Partners as investment bankers in recent weeks, according to people familiar with the matter. 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. 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 Broadcast : Announces Private Offering of Senior Secured Notes and Senior Notes of Diamond Sports Group. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. The first-lien notes due in 2026 dropped as much as 4 cents on the dollar 62 cents, according to Trace pricing data. 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 … A representative for PJT and Moelis declined to comment. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. 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. 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. 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. At the same time, it was also revealed that Entertainment Studios would hold an equity … (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. For more information, please contact the sales representative from your area, locate your closest Diamond Dealer or contact Diamond's corporate headquarters. “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. The company is getting advice from investment bank Moelis & Co., the people said. 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 … 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. 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. Missing BloombergQuint's WhatsApp service? 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 … Specifically, the aforementioned business revealed that, the U.S. Department of Justice has approved the acquisition. A daily collection of all things fintech, interesting developments and market updates. Recently, the Sinclair Broadcast Group, Inc. announced that, it has completed the acquisition of the Fox Regional Sports Networks. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net. 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 … Sinclair reported over $12 billion of debt in its second-quarter statement, including nearly $8 billion tied to Diamond Sports. 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. 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. 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. Hulu’s decision is the latest blow for Sinclair and Diamond, which have been losing carrier deals with pay-TV distributors in recent weeks. A leader in showcasing dedicated youth and high school players from 3rd-12th grade. 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 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 … Stroock and Gibson Dunn didn’t immediately return messages seeking comment. 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. 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 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. The RSNs will be acquired via a newly formed indirect wholly-owned subsidiary of Sinclair, Diamond Sports Group LLC (“Diamond”). 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. 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. 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 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. The 2027 unsecured bonds fell as much as 2.25 cents on the dollar to 46.5 cents. 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. 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 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 […] 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”). Disney and Sinclair Broadcast Group have formally closed their $9.6 billion transfer of 21 regional sports networks once owned by 21st Century Fox. BALTIMORE, Aug. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ:SBGI) announced today that Diamond Sports Holdings LLC ("DSH"), an … 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 … Create one. Credit investors had organized to oppose the debt exchange, hiring legal advisers from law firm Stroock & Stroock & Lavan, Bloomberg reported in May. After questions were raised, I did a deep dive on Sinclair SEC filings concerning Diamond Sports' preferred equity. The termination takes effect Friday, with Hulu continuing to provide sports coverage from other channels including ESPN, TNT and TBS, it said. 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

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