Benjamin R. Walker,left, and James L. Bromley,right, of Sullivan & Cromwell. Courtesy photos Litigators of the (Past) Week: S&C and MLB Get Bankruptcy Ruling Forcing Diamond Sports to Pay Full Broadcast Fees
Jim Bromley and Ben Walker of Sullivan & Cromwell helped persuade a bankruptcy judge that MLB had offered to reacquire telecast rights from Diamond Sports Group, which owns regional sports networks that broadcast multiple teams' games.
June 14, 2023 at 07:30 AM
5 minute read
In the age of cord-cutting, it should come as little shock that Diamond Sports Group went into bankruptcy. After all, the company, which owns a string of regional sports networks, entered bankruptcy loaded with debt to fund the costly telecast rights agreements it has with Major League Baseball clubs and other sports teams to broadcast live games.
What perhaps is a bit more shocking is that U.S. Bankruptcy Judge Christopher Lopez in Houston, who is overseeing Diamond Sports' Chapter 11 case, earlier this month ordered the company to keep paying the full fees due under those agreements to MLB's Arizona Diamondbacks, Cleveland Guardians, Minnesota Twins and Texas Rangers—a huge early win for sports leagues and teams as other regional sports networks contemplate similar restructuring moves.
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