Diamond Sports could drop St. Louis broadcasts next year after bankruptcy

by | Nov 30, 2023 | Uncategorized

ST. LOUIS – Diamond Sports, the parent company of St. Louis regional sports network Bally Sports Midwest, could drop local broadcasts as soon as next year, according to recent court proceedings.

Multiple reports, including ones from the Sports Business Journal and Bloomberg, note the Diamond Sports Group could shut down after fulfilling obligations for the 2024 MLB regular season, which ends in late September.

Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection in March after missing a $140 million interest payment. Since then, Diamond Sports has cut ties with MLB’s San Diego Padres and Arizona Diamondbacks and also agreed to a wind-down deal with NBA broadcasts that expires after the 2023-24 season.


Tow truck operator killed in Illinois served as volunteer firefighter

Recent developments, including November court proceedings that revealed Diamond Sports could shut down, leave some uncertainty for the future of St. Louis Cardinals and St. Louis Blues broadcasts, both which carry broadcasts through subsidiary Bally Sports Midwest.

The St. Louis Business Journal reports that Bally Sports Midwest posted a profit of $2.5 million last year, which has been followed by a net loss of $13.8 million to this point in 2023.

Prior to the bankruptcy, Bill DeWitt Jr. and Bill DeWitt III told FOX 2 that the Cardinals ownership was aware of potential changes to streaming and that MLB would work on a contingency plan, as it has for the Padres and Diamondbacks. No changes appear imminent through at least the next MLB season.

The Cardinals are nearly halfway through a TV-partner contract with Bally Sports Midwest that, currently standing, projected to pay the team $1 billion through 2032.

Meanwhile, the Diamond Sports Group has the rights to 39 professional teams, including the Cardinals and 11 other baseball teams, along with a combined 27 NBA and NHL teams.

Bloomberg notes that a plan for liquidation is not yet fully certain and that Diamond Sports could continue to explore other alternative plans. Financial advisory firm Kroll Inc. is tracking recent court developments with Diamond Sports online.