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Sinclair (Bally Sports) Facing Bankruptcy.
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<blockquote data-quote="slugboy" data-source="post: 932757" data-attributes="member: 282"><p>My understanding of rights and payments involved here</p><ol> <li data-xf-list-type="ol">In times past, Jefferson Pilot paid for the rights to various ACC games before the ACC Network existed. </li> <li data-xf-list-type="ol">Regional Sports Networks of various stripes paid for Miami Heat games and Carolina Hurricanes, etc. </li> <li data-xf-list-type="ol">Fox (Sports) bought up a lot of the RSNs</li> <li data-xf-list-type="ol">Either an RSN or Fox bought the ACC rights from Jefferson Pilot. The ACC gets money based on that price schedule.</li> <li data-xf-list-type="ol">Disney bought Fox, and had to spin off Fox Sports, or at least the RSN portions, because of anti-trust restrictions (Disney owns ESPN). </li> <li data-xf-list-type="ol">Sinclair made the highest bid for the RSNs. </li> <li data-xf-list-type="ol">The money that Fox spent on the RSNs didn’t affect the payments to the ACC or the NBA at all. Those were locked in. The same happened when Sinclair bought the RSNs from Disney—the payments to the property owners (the ACC, NHL, Fishing Shows) stayed the same. </li> <li data-xf-list-type="ol">The RSNs made their money from Comcast, DirecTV, Dish, Verizon, etc. The agreements with those channels have been expiring, and Sinclair jacked the price up—and no one renewed, and no one new bought. </li> <li data-xf-list-type="ol">Sinclair created a subsidiary/holding company called “Diamond Sports Group”, possibly so that bankruptcy wouldn’t pull the rest of their broadcast empire down. </li> <li data-xf-list-type="ol">Diamond Sports Group sold the naming rights to Bally Enterprises, so the Bally name is tarnished by the Sinclair practices even though Bally has very little to do with any of it. Bally paid to get bad advertising <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite3" alt=":(" title="Frown :(" loading="lazy" data-shortname=":(" /></li> <li data-xf-list-type="ol">On one hand, Diamond is losing the rights to MLS and some other properties, so it’s even harder for them to sell their product to cable providers. </li> <li data-xf-list-type="ol">On the other hand, their behemoth loan is coming due and their business plan totally failed. They won’t be able to pay their creditors. </li> <li data-xf-list-type="ol">I don’t think there’s much upside for us. If someone else buys the ACC rights, we get paid what was originally promised, or possibly less—we’re a creditor, and creditors don’t usually get 100% of what they’re owed. </li> <li data-xf-list-type="ol">If someone buys our rights, we hopefully get paid close to what we were getting paid before. </li> <li data-xf-list-type="ol">It’s unclear to me if the rights would revert back to the ACC to resell. </li> </ol><p>I know that, if I were a creditor, I’d be going after the income from the TV station in Iowa City or wherever. I don’t care that Sinclair put the property into a subsidiary—it’s Sinclair that owes me money, and my lawyers are gonna go after that.</p></blockquote><p></p>
[QUOTE="slugboy, post: 932757, member: 282"] My understanding of rights and payments involved here [LIST=1] [*]In times past, Jefferson Pilot paid for the rights to various ACC games before the ACC Network existed. [*]Regional Sports Networks of various stripes paid for Miami Heat games and Carolina Hurricanes, etc. [*]Fox (Sports) bought up a lot of the RSNs [*]Either an RSN or Fox bought the ACC rights from Jefferson Pilot. The ACC gets money based on that price schedule. [*]Disney bought Fox, and had to spin off Fox Sports, or at least the RSN portions, because of anti-trust restrictions (Disney owns ESPN). [*]Sinclair made the highest bid for the RSNs. [*]The money that Fox spent on the RSNs didn’t affect the payments to the ACC or the NBA at all. Those were locked in. The same happened when Sinclair bought the RSNs from Disney—the payments to the property owners (the ACC, NHL, Fishing Shows) stayed the same. [*]The RSNs made their money from Comcast, DirecTV, Dish, Verizon, etc. The agreements with those channels have been expiring, and Sinclair jacked the price up—and no one renewed, and no one new bought. [*]Sinclair created a subsidiary/holding company called “Diamond Sports Group”, possibly so that bankruptcy wouldn’t pull the rest of their broadcast empire down. [*]Diamond Sports Group sold the naming rights to Bally Enterprises, so the Bally name is tarnished by the Sinclair practices even though Bally has very little to do with any of it. Bally paid to get bad advertising :( [*]On one hand, Diamond is losing the rights to MLS and some other properties, so it’s even harder for them to sell their product to cable providers. [*]On the other hand, their behemoth loan is coming due and their business plan totally failed. They won’t be able to pay their creditors. [*]I don’t think there’s much upside for us. If someone else buys the ACC rights, we get paid what was originally promised, or possibly less—we’re a creditor, and creditors don’t usually get 100% of what they’re owed. [*]If someone buys our rights, we hopefully get paid close to what we were getting paid before. [*]It’s unclear to me if the rights would revert back to the ACC to resell. [/LIST] I know that, if I were a creditor, I’d be going after the income from the TV station in Iowa City or wherever. I don’t care that Sinclair put the property into a subsidiary—it’s Sinclair that owes me money, and my lawyers are gonna go after that. [/QUOTE]
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